#USNationalDebt "The national debt of the United States" is the total national debt owed by the federal government of the United States to the holders of government securities. The national debt at any given moment is the nominal value of the then-outstanding government securities issued by the Department of the Treasury and other federal agencies.

Federal debt to revenue ratio

The federal government has a debt-to-revenue ratio of 6.75 to 1 as of the second quarter of 2023.

National debt of the United States

Intragovernmental holdings

Debt held by the public

Average interest rate on the US federal debt

Related terms such as "national deficit" and "national surplus" most commonly refer to the budget balance of the federal government from year to year, rather than the cumulative amount of the held debt. In a deficit year, the national debt increases as the government must borrow funds to finance the deficit. In a surplus year, the debt decreases as more money is received than is spent, allowing the government to reduce the debt through buybacks.