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The National Debt Clock in New York (2009), an example for all other projects of that kind. A debt clock is a public counter, which displays the government debt (also known as public debt or national debt) of a public corporation, usually of a state, and which visualizes the progression through an update every second.
The proportion of financial sector debt owed in the form of GSE and federally related mortgage pools has remained relatively constant – $863 million or 47% of total financial sector debt in 1946 was in such instruments; this has increased to 57% of financial sector debt in 2009, although this now represents over $8 trillion. [16]
By the end of 2009, the national debt reached a record $11.9 trillion. The Congressional Budget Office estimated in March 2009 that under the Obama administration public debt would rise from 40.8% of GDP in 2008 to 70.1% in 2012. [63]
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, [ 188 ] due to use of extraordinary measures .
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.
A country's gross government debt (also called public debt or sovereign debt [1]) is the financial liabilities of the government sector. [2]: 81 Changes in government debt over time reflect primarily borrowing due to past government deficits. [3] A deficit occurs when a government's expenditures exceed revenues.
However, the Treasury Department's data starts in 1790, when Treasury Secretary Alexander Hamilton estimated that total public debt was $70.1 million and called for the issuance of federal bonds ...
The national debt (the debt held by the public plus intra-governmental debt) rose from $10.6 trillion on January 31, 2009, to $20.0 trillion on December 31, 2016, an increase of $9.4 trillion or 88%. [126]