#USNationalDebt The US national debt is currently approximately $36.56 trillion, with debt held by the public standing at $29 trillion and intragovernmental holdings at $7.4 trillion. To break it down further:
- *Total Federal Debt*: $36.56 trillion
- *Debt Held by the Public*: $29 trillion (around 77% of GDP in 2017)
- *Intragovernmental Debt*: $7.4 trillion
The national debt has been increasing over the years, with notable spikes during times of crisis like the COVID-19 pandemic. In fact, the Congressional Budget Office (CBO) estimated that the budget deficit for fiscal year 2020 would increase to $3.3 trillion or 16% GDP, more than triple that of 2019. The CBO also projects that debt held by the public will rise to 116% of GDP by 2034 and continue growing if current laws remain unchanged ¹.
Some key factors contributing to the growing national debt include:
- *Government Spending*: Increased spending on programs like Medicare, Medicaid, and Social Security
- *Tax Revenue*: Decreased corporate tax revenue due to tax cuts
- *Aging Demographics*: Rising healthcare