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The U.S. national debt climbed to $34 trillion for the first time in December 2023, up from about $31.42 trillion one year earlier. The debt-to-GDP ratio gives insight into whether the U.S. can cover all its debt. Recessions, defense budget growth, and tax cuts have all caused the national debt-to-GDP ratio to rise to record levels.
Debt Held by the Public at the end of January 2021: $21.6 trillion. Debt Held by the Public at the end of January 2020: $17.2 trillion. The sizeable deficit in FY20 has pushed up the current amount of debt held by the public by 25 percent relative to a year ago.
September 15, 2021. This Insight presents data on federal debt on or near Inauguration Days since 1961 taken from U.S. Treasury statements. Table 1 presents current-dollar debt levels. Table 2 presents inflation-adjusted debt levels. Finally, Table 3 presents debt as a proportion of the U.S. economy. Levels for August 2, 2021, the first ...
As of October 2024, the U.S. national debt was over $35.85 trillion. Tax cuts, stimulus programs, and increased government spending on defense can cause the national debt to rise sharply.
The federal budget deficit was $738 billion in the first four months of fiscal year 2021, the Congressional Budget Office estimates—$348 billion more than the deficit recorded during the same period last year. Outlays were 23 percent higher and revenues were 1 percent higher from October through January than during the same perod in fiscal ...
US National Debt Clock : Real Time U.S. National Debt Clock
04/01/1993 — 10/31/2024Released DailyLast Updated 11/01/2024. The Debt to the Penny dataset provides information about the total outstanding public debt and is reported each day. Debt to the Penny is made up of intragovernmental holdings and debt held by the public, including securities issued by the U.S. Treasury.
The amount by which spending exceeds revenue, $ trillion in 0, is referred to as deficit spending. The opposite of a budget deficit is a budget surplus, which occurs when the federal government collects more money than it spends. The U.S. has experienced a fiscal year-end budget surplus 4 times in the last 50 years, most recently in 2001.
What is the total national debt? What is the debt per person? See the latest numbers and learn more about the causes of our high and rising debt.
The national debt enables the federal government to pay for important programs and services even if it does not have funds immediately available, often due to a decrease in revenue. Decreases in federal revenue coupled with increased government spending further increases the deficit.