On October 31, the gross federal debt of the United States surpassed $23,000,000,000,000. Although the debt affects each of us, it may be difficult to put such a large number into perspective and fully understand its implications. The infographic below offers different ways of looking at the debt and its relationship to the economy, the budget and American families.
The $23 trillion gross federal debt includes debt held by the public as well as debt held by federal trust funds and other government accounts. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself. America’s high and rising debt matters because it threatens our economic future. The interest that we pay on the federal debt is now the fastest growing part of the budget, and will total nearly $6 trillion over the next decade. In fact, we spend $1 billion every day, just on interest.
As we pass this unfortunate debt milestone, it’s important to understand our nation’s fiscal outlook and work together to implement sustainable fiscal solutions that promote stability in the years to come. Read on to learn more.
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