#USNationalDebt The US national debt is approximately $36.56 trillion, with debt held by the public around $29 trillion and intragovernmental holdings at $7.4 trillion. This debt has been accumulating since the nation's inception, with notable increases during wars, recessions, and the COVID-19 pandemic.

*Breaking Down the Debt:*

- *Debt Held by the Public:* This includes Treasury securities held by individuals, corporations, and foreign governments. It's around 77% of GDP.

- *Intragovernmental Debt:* Non-marketable Treasury securities held by government trust funds, such as the Social Security Trust Fund.

*Factors Contributing to the Growing Debt:*

- *Government Spending:* Increased funding for programs and services, especially during crises like the pandemic.

- *Tax Cuts:* Reduced tax revenue due to tax cuts, such as the Tax Cuts and Jobs Act of 2017.

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

*Consequences:*

- *Interest Payments:* The annualized cost of servicing the debt was $726 billion in July 2023, accounting for 14% of total federal spending.

- *Debt-to-GDP Ratio:* Projected to rise from 99% in 2024 to 116% in 2034, potentially reaching 172% by 2054.¹