Public debt of the United States

The total amount the U.S. federal government owes to holders of its Treasury securities and other creditors. It includes debt held by the public and intragovernmental holdings.

Debt held by the public: Federal debt held by individuals, businesses, governments, and institutions outside the federal government. This portion is owed to outside investors, including the Federal Reserve and foreign holders.
United States Treasury: The federal department responsible for managing government finances and issuing Treasury securities. The Treasury borrows by selling securities and services the resulting obligations.
Interest on the national debt: Payments the federal government makes to holders of its debt for borrowing funds. Rising interest costs can claim a larger share of federal revenues and spending.
United States public debt during World War II: The sharp rise in U.S. federal debt caused by financing World War II. Wartime borrowing produced a historic peak in debt relative to economic output.
Federal debt held by the public as a share of GDP: A ratio comparing federal debt held outside government accounts with the value of annual economic output. This measure excludes intragovernmental holdings and relates borrowing to the economy’s size.
Intragovernmental debt: Federal debt held by government accounts, mainly trust funds that invest their surpluses in Treasury securities. These Treasury securities are counted in total debt but are obligations between federal accounts.
United States federal budget: The federal government's plan for revenues and spending over a fiscal year. When spending exceeds revenue, the resulting deficit generally adds to federal borrowing.
Fiscal sustainability: A government's ability to meet current and future obligations without untenable adjustments to taxes or spending. It evaluates whether the debt path can be maintained under plausible economic conditions.
United States public debt after World War II: The postwar period in which U.S. debt fell relative to the growing economy. Economic growth and fiscal surpluses reduced the debt-to-GDP ratio after its wartime peak.
Federal debt subject to limit: The federal debt covered by the statutory U.S. debt limit, as defined by law. The legally limited amount does not always equal the commonly reported gross debt total.

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