#USNationalDebt The US national debt is approximately $36.56 trillion, with $29 trillion held by the public and $7.4 trillion in intragovernmental debt. This debt has been increasing over time, with notable spikes during wars and recessions. The Congressional Budget Office (CBO) projects that federal debt held by the public will rise from 99% of GDP in 2024 to 116% in 2034, driven by growth in interest costs and mandatory spending.

*Key Components of US National Debt:*

- *Debt Held by the Public*: Treasury securities held by investors outside the federal government, including individuals, corporations, and foreign governments

- *Intragovernmental Debt*: Non-marketable Treasury securities held in accounts of programs administered by the federal government, such as the Social Security Trust Fund

*Recent Trends:*

- The national debt breached the $30 trillion mark in February 2022 and reached $33.1 trillion in December 2023

- Foreign ownership of US debt has fluctuated, with Japan and China being the top foreign holders

- The CBO estimated that the budget deficit for fiscal year 2020 would increase to $3.3 trillion or 16% GDP due to the COVID-19 pandemic¹

*Factors Contributing to the Growing Debt:*

- *Aging Demographics*: Rising healthcare costs and Social Security payouts

- *Interest Costs*: Increasing cost of servicing the debt, projected to reach $726 billion in July 2023

- *Mandatory Spending*: Growth in spending on programs such as Medicare and Medicaid

- *Tax Policies*: Tax cuts and changes in tax revenue