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The National Debt Clock is a billboard-sized running total display that shows the United States gross national debt and each American family's share of the debt. As of 2017 [update] , it is installed on the western side of the Bank of America Tower , west of Sixth Avenue between 42nd and 43rd Streets in Manhattan , New York City .
Public debt surged during the 1980s, as Ronald Reagan cut tax rates and increased military spending, while it decreased in the 1990s due to reduced military spending, increased taxes, and the economic boom. Public debt sharply rose following the 2007–08 financial crisis, driven by significant tax revenue declines and spending increases.
The debt ceiling is an aggregate of gross debt, which includes debt in hands of public and in intragovernment accounts. The debt ceiling does not necessarily reflect the level of actual debt. From March 15 to October 30, 2015 there was a de facto debt limit of $18.153 trillion, [ 187 ] due to use of extraordinary measures .
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The delay in raising the debt ceiling resulted in the first downgrade in the United States credit rating, a sharp drop in the stock market, and an increase in borrowing costs. Congress raised the debt limit with the Budget Control Act of 2011, which added to the fiscal cliff when the new ceiling was reached on December 31, 2012.
[1]: 81 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as bonds and bills), loans, and government employee pension obligations. [1]: 207 Net debt equals gross debt minus financial assets that are debt instruments.
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