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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 .
As of 2009, there was $50.7 trillion of debt owed by US households, businesses, and governments, representing more than 3.5 times the annual gross domestic product of the United States. [2] As of the first quarter of 2010, domestic financial assets [b] totaled $131 trillion and domestic financial liabilities $106 trillion. [3]
The 2009 annual budget deficit and public debt both relative to GDP, for selected European countries. In the eurozone, the following number of countries were: SGP-limit compliant (3), Unhealthy (1), Critical (12), and Unsustainable (1). The 2012 annual budget deficit and public debt both relative to GDP, for all countries and UK.
US debt ceiling at the end of each year from 1981 to 2010. The graph indicates which president and which political party controlled Congress each year. US debt from 1940 to 2010. Red lines indicate the Debt Held by the Public (net public debt) and black lines indicate the Total Public Debt Outstanding (gross public debt). The difference between ...
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 ...
In this case, homeowners paid down debt from 2009-2012. [79] U.S. federal government spending was held relatively level around $3.5 trillion from 2009-2014, which created a headwind to recovery, reducing real GDP growth by approximately 0.5% per quarter (annualized) on average between Q3 2010 and Q2 2014. [2]
The final plan, [34] released on December 1, 2010, aimed to reduce the federal deficit by nearly $4 trillion, stabilizing the growth of debt held by the public by 2014, reduce debt 60 percent by 2023 and 40 percent by 2035. Outlays would equal 21.6 percent of GDP in 2015, compared to 23.8 percent in 2010 and would fall to 21.0 percent by 2035.
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 November 2024. 2013 tax increase and spending decrease This article is part of a series on the Budget and debt in the United States of America Major dimensions Economy Expenditures Federal budget Financial position Military budget Public debt Taxation Unemployment Gov't spending Programs Medicare ...