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According to the OECD, general government gross debt (federal, state, and local) in the United States in the fourth quarter of 2015 was $22.5 trillion (125% of GDP); subtracting out $5.25 trillion for intragovernmental federal debt to count only federal "debt held by the public" gives 96% of GDP.
The federal government has paid north of $1 trillion in gross interest payments on its debt for fiscal 2024 as the national debt continues to climb. The Treasury Department said in a recent ...
Biden has overseen mounds of new red ink but has also overseen decreasing deficits, with the US running a $1.7 trillion deficit in fiscal year 2023 and on pace for a slightly better result this year.
Rising government debt burdens in the United States and elsewhere have become a growing cause for concern because of a recent rapid rise in interest rates, which has made it much more expensive to ...
In the third quarter of 2024, U.S. credit card balances rose by $24 billion, reaching the $1.17 trillion mark — the highest level recorded by the Fed in 20 years. Don't miss
[6] [7] After the 2024 United States presidential election, Donald Trump supported eliminating the debt ceiling. [8] The debt ceiling is an aggregate figure that applies to gross debt, which includes debt in the hands of the public and intra-government accounts. As of October 2013, about 0.5 percent of the debt is not covered by the ceiling. [9]
Our interest-bearing debt today is $34 trillion and growing rapidly. It is projected to grow to over $50 trillion in 10 years without adding new programs. This is a problem … a big problem.
Debt held by the public, or the amount the U.S. owes to outside lenders after borrowing on financial markets, is already at about 100% of GDP, with that ratio soon expected to blow past the all ...