![]() ![]() As of February 2023, total federal debt was $31.5 trillion $24.6 trillion held by the public and $6.9 trillion in intragovernmental debt. Total US federal government debt breached $30 trillion mark for the first time in history in February 2022. The aggregate, gross amount that Treasury can borrow is limited by the United States debt ceiling. In recent decades, aging demographics and rising healthcare costs have led to concern about the long-term sustainability of the federal government's fiscal policies. For example, debt held by the public as a share of GDP had peaked just after World War II (113% of GDP in 1945), but has since reached new highs of up to 134.84% of GDP during the second quarter of 2020. The ratio of debt to GDP may decrease as a result of a government surplus or via growth of GDP and inflation. public debt as a share of gross domestic product (GDP) increases during wars and recessions and then subsequently declines. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of various government programs that have been invested in Treasury securities. ![]()
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