Public debt U.S. by month 2024 | Statista (2024)

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Public debt U.S. by month 2024 | Statista? ›

The U.S. Treasury Monthly Statement of the Public Debt (MSPD) dataset details the Treasury's outstanding debts and the statutory debt limit.

The U.S. Treasury Monthly Statement of the Public Debt (MSPD) dataset details the Treasury's outstanding debts and the statutory debt limit.

As of December 2023, total federal debt was $33.1 trillion; $26.5 trillion held by the public and $12.1 trillion in intragovernmental debt.

The $34 trillion gross federal debt equals debt held by the public plus 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. Learn more about different ways to measure our national debt.

China is one of the United States's largest creditors, owning about $859.4 billion in U.S. debt.1 However, it does not own the most U.S. debt of any foreign country. Nations borrowing from each other may be as old as the concept of money.

In 2024, 33% of our outstanding public debt matures ($7.6T) and must be reissued in a higher rate environment. On top of this $7.6T, the federal deficit could hit $2.0T in 2024, which means the Treasury would have to issue nearly $10T of new debt.

The Bottom Line

Many people believe that much of the U.S. national debt is owed to foreign countries like China and Japan, but the truth is that most of it is owed to Social Security and pension funds right here in the U.S. This means that U.S. citizens own most of the national debt.

Of that amount, about $24.5 trillion, or 78 percent, was debt held by the public — representing cash borrowed from domestic and foreign investors. The remaining $7.0 trillion (22 percent), was intragovernmental debt, which simply records transactions between one part of the federal government and another.

Debt rises when the U.S. spends more than it earns from taxes and other revenue. The public debt results from tax and spending policies that commonly garner public support, but individuals often worry about how the national debt affects their lives and finances.

The public owes 74 percent of the current federal debt. Intragovernmental debt accounts for 26 percent or $5.9 trillion. The public includes foreign investors and foreign governments. These two groups account for 30 percent of the debt.

How much is Russia in debt? ›

According to the Bank of Russia's estimate, external debt of the Russian Federation as of March 31, 2024 totaled $304.0 billion, having decreased by $12.8 billion, or by 4.1%, since the end of 2023.

While the US national debt exceeds $34 trillion, it isn't necessarily a problem for investors.

Among other countries, Japan and China have continued to be the top owners of US debt during the last two decades. Since the dollar is a strong currency that is accepted globally, holding a substantial amount of US debt can be beneficial.

The value of U.S. Treasury securities held by residents of Russia amounted to 33 million U.S. dollars in June 2023, the lowest over the period under consideration. Furthermore, in March 2020, the figure decreased sharply to 3.85 billion U.S. dollars, down from 12.6 billion U.S. dollars one month prior.

Impact of China Buying U.S. Debt

Chinese loans to the U.S., through the purchase of U.S. debt, enable the U.S. to buy Chinese products. It's a win-win situation for both nations, with both benefiting mutually. China has a huge market for its products, and the U.S. benefits from the economic prices of Chinese goods.

Who owns the most U.S. debt? Around 70 percent of U.S. debt is held by domestic financial actors and institutions in the United States. U.S. Treasuries represent a convenient, liquid, low-risk store of value.

Statement of Debt

Your statement will show your debt information for up to 5 years. It will include: when we raised your debt. your debt repayment and transaction history.

The Account Statements will be available on the 1st business day of the month no later than 1pm Eastern Time.

The Monthly Treasury Statement summarizes the financial activities of the federal government and off-budget federal entities and conforms to the Budget of the U.S. Government. The MTS presents a summary of: Receipts and outlays. Surplus or deficit.

Fourteenth Amendment, Section 4: The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.