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The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...
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The gross federal debt shown below reached 102.7% of GDP at the end of 2012, the most recent figure available; it was the highest percentage since 1945 and the first yearly percentage figure to go over 100% since then. (The gross federal debt in the table includes intra-government debt – that is, money owed by one branch of the federal ...
English: Time series of U.S. public debt overlaid with partisan affiliation of the White House. The upper graph shows the U.S. public debt in trillions of USD while the lower graph shows the U.S. public debt as a percentage of GDP. Debt for 2016 is estimated. (Data is from the FY 2017 U.S. Budget report, Table 7.1.
The main goal is to shrink the gap between federal spending and federal revenue so that total debt as a percentage of GDP stabilizes or declines gradually over time.
Since the debt ceiling system was instituted in 1917, Congress has never not raised the debt ceiling. Congress has voted 78 times to raise or suspend the debt limit since 1960.
Government debt is the amount of money credited from individuals, firms, foreign entities as well as the federal government itself through the federal reserve system. [8] Debt accrues over time. Most public debt is held in the form of treasury bills and bonds , and the government has to repay debt over time.