GITNUXREPORT 2026

Government Statistics

Federal spending exceeds revenue, creating large deficits and a growing national debt.

Written by Timothy Grant·Edited by Yumi Nakamura·Fact-checked by Abigail Foster

Published Feb 13, 2026·Last verified Feb 13, 2026·Next review: Aug 2026

How We Build This Report

Primary Source Collection

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

Editorial Curation

Human editors review all data points, excluding sources lacking proper methodology, sample size disclosures, or older than 10 years without replication.

AI-Powered Verification

Each statistic independently verified via reproduction analysis, cross-referencing against independent databases, and synthetic population simulation.

Human Cross-Check

Final human editorial review of all AI-verified statistics. Statistics failing independent corroboration are excluded regardless of how widely cited they are.

Statistics that could not be independently verified are excluded regardless of how widely cited they are elsewhere.

Our process →

Statistic 1

U.S. voter turnout in the 2020 presidential election was 66.6%, highest since 1900.

Statistic 2

In 2020, 159.7 million Americans voted in the presidential election.

Statistic 3

U.S. midterm election turnout in 2022 reached 47.5% of voting-eligible population.

Statistic 4

81 million votes cast for Joe Biden in 2020, 47% of total votes.

Statistic 5

Donald Trump received 74 million votes in 2020, 43% of electorate.

Statistic 6

Voter registration rates: 77% of citizens 18+ registered in 2020.

Statistic 7

Absentee and mail-in ballots comprised 46% of votes in 2020 U.S. election.

Statistic 8

Early voting used by 101 million Americans in 2020, 65% of total.

Statistic 9

Youth turnout (18-29) was 55% in 2020, up from 50% in 2016.

Statistic 10

Black voter turnout hit 62.6% in 2020, highest on record.

Statistic 11

Hispanic turnout rose to 53.7% in 2020 from 47.7% in 2016.

Statistic 12

Women cast 68% of votes in 2020, men 32%.

Statistic 13

College-educated voters favored Democrats 62-37% in 2020.

Statistic 14

Non-college whites voted 65-33% for Trump in 2020.

Statistic 15

Campaign spending in 2020 U.S. election totaled $14.4 billion.

Statistic 16

Super PACs spent $6.6 billion in 2020 federal elections.

Statistic 17

FEC reported 15,000 federal candidates in 2022 cycle.

Statistic 18

Ballot initiatives: 149 on ballots in 2022 across 37 states.

Statistic 19

Voter ID laws in 36 states as of 2023.

Statistic 20

Automatic voter registration in 24 states and DC as of 2023.

Statistic 21

Ranked-choice voting used in 52 jurisdictions in 2023.

Statistic 22

U.S. House incumbents reelected at 94% rate in 2022.

Statistic 23

Senate incumbents won 84% in 2022 midterms.

Statistic 24

Presidential approval ratings averaged 41% for Biden in 2023.

Statistic 25

Gerrymandering: 187 districts rated competitive in 2022.

Statistic 26

FEC enforcement cases: 2,500 in 2022.

Statistic 27

In fiscal year 2023, the U.S. federal government total outlays reached $6.13 trillion, with mandatory spending accounting for $3.8 trillion or 62% of the total.

Statistic 28

U.S. federal discretionary spending in FY2023 was $1.7 trillion, split evenly between defense ($886 billion) and nondefense ($820 billion).

Statistic 29

In 2022, U.S. federal revenues totaled $4.9 trillion, with individual income taxes contributing 50% or $2.45 trillion.

Statistic 30

The U.S. Congressional Budget Office projects federal deficits to average 5.5% of GDP from 2024-2033.

Statistic 31

In FY2022, U.S. federal spending on Medicare was $748 billion, representing 12% of total federal outlays.

Statistic 32

U.S. federal interest payments on debt in FY2023 amounted to $659 billion, up 30% from the previous year.

Statistic 33

In 2023, U.S. federal grants to state and local governments totaled $1.2 trillion, focused on health and transportation.

Statistic 34

The U.S. deficit for FY2023 was $1.7 trillion, or 6.3% of GDP.

Statistic 35

Federal spending on veterans' benefits in FY2023 reached $301 billion, including disability compensation.

Statistic 36

U.S. federal R&D spending in FY2023 was $201 billion, with 42% allocated to health research.

Statistic 37

In 2022, corporate income taxes generated $425 billion for the U.S. federal government, 9% of total revenues.

Statistic 38

U.S. federal education spending in FY2023 was $79 billion at the federal level, excluding state aid.

Statistic 39

Homeland security discretionary spending in FY2023 was $108 billion for the U.S. government.

Statistic 40

U.S. federal housing assistance programs disbursed $54 billion in FY2022.

Statistic 41

Energy and environment federal outlays in FY2023 totaled $46 billion for the U.S.

Statistic 42

U.S. federal international affairs spending in FY2023 was $60 billion, including foreign aid.

Statistic 43

Federal agriculture subsidies in FY2022 amounted to $28 billion in the U.S.

Statistic 44

U.S. federal justice system spending in FY2023 was $58 billion.

Statistic 45

Federal natural resources spending in FY2023 reached $44 billion in the U.S.

Statistic 46

U.S. federal community development block grants disbursed $3.3 billion in FY2022.

Statistic 47

Federal transportation outlays in FY2023 were $109 billion for highways and transit in the U.S.

Statistic 48

U.S. federal food and nutrition assistance spending in FY2023 was $182 billion.

Statistic 49

Federal science funding outside of health in FY2023 totaled $40 billion in the U.S.

Statistic 50

U.S. federal unemployment insurance outlays peaked at $552 billion in FY2021 but fell to $32 billion in FY2023.

Statistic 51

Federal earned income tax credit payments in 2022 were $73 billion in the U.S.

Statistic 52

U.S. federal child tax credit expenditures reached $119 billion in 2022.

Statistic 53

Federal supplemental nutrition assistance program (SNAP) spending was $119 billion in FY2023.

Statistic 54

U.S. federal Medicaid spending in FY2023 was $616 billion.

Statistic 55

Federal deposit insurance fund maintained $123 billion in reserves as of 2023.

Statistic 56

U.S. federal crop insurance subsidies cost $10 billion in premiums subsidized in FY2022.

Statistic 57

As of September 2023, the U.S. federal civilian workforce numbered 2.92 million employees.

Statistic 58

In 2022, U.S. federal executive branch employees totaled 2.1 million, excluding postal service.

Statistic 59

The U.S. Department of Defense had 775,000 civilian employees in 2023.

Statistic 60

U.S. federal Veterans Affairs Department employed 409,000 in 2023.

Statistic 61

In FY2023, U.S. federal agencies spent $23 billion on employee compensation and benefits.

Statistic 62

U.S. Postal Service employed 640,000 career employees as of 2023.

Statistic 63

The U.S. Department of Homeland Security had 240,000 employees in 2023.

Statistic 64

Federal judicial branch employees numbered 31,000 in 2022.

Statistic 65

U.S. Treasury Department workforce was 115,000 in FY2023.

Statistic 66

Department of Justice employed 113,000 personnel in 2023.

Statistic 67

U.S. Department of Agriculture had 100,000 employees in 2023.

Statistic 68

Federal Aviation Administration workforce reached 45,000 in 2023.

Statistic 69

U.S. Environmental Protection Agency employed 15,000 staff in 2023.

Statistic 70

Department of Energy civilian workforce was 15,200 in 2023.

Statistic 71

U.S. Department of the Interior had 70,000 employees in 2023.

Statistic 72

Federal Bureau of Investigation workforce totaled 35,000 in 2023.

Statistic 73

U.S. Department of Education employed 4,100 in 2023.

Statistic 74

NASA workforce was 18,000 civil servants in 2023.

Statistic 75

U.S. Department of Transportation had 55,000 employees in 2023.

Statistic 76

Social Security Administration employed 60,000 in 2023.

Statistic 77

U.S. Department of Health and Human Services workforce was 87,000 in 2023.

Statistic 78

Internal Revenue Service had 80,000 employees in 2023.

Statistic 79

Federal Reserve System employed 20,000 across its system in 2023.

Statistic 80

U.S. Government Accountability Office had 3,100 staff in 2023.

Statistic 81

Congressional Budget Office employed 270 in 2023.

Statistic 82

U.S. Capitol Police force numbered 2,100 officers in 2023.

Statistic 83

In the 118th Congress (2023-2024), the U.S. House of Representatives passed 27 public laws.

Statistic 84

U.S. Senate confirmed 234 judicial nominees in 2023.

Statistic 85

From 2021-2023, Congress enacted 362 public laws.

Statistic 86

The 117th Congress (2021-2022) introduced 14,000 bills, with 365 becoming law.

Statistic 87

U.S. House of Representatives held 1,200 committee hearings in 2023.

Statistic 88

Senate passed 95 bills into law during the 117th Congress.

Statistic 89

In 2023, Congress appropriated $1.7 trillion in the omnibus spending bill.

Statistic 90

U.S. Congress enacted the Infrastructure Investment and Jobs Act in 2021, authorizing $1.2 trillion over 5 years.

Statistic 91

The CHIPS and Science Act of 2022 allocated $280 billion for semiconductors and research.

Statistic 92

Inflation Reduction Act of 2022 raised $738 billion in revenue while spending $391 billion on climate.

Statistic 93

U.S. Congress overrode 1 presidential veto in the 20th century (last in 1986).

Statistic 94

House Ways and Means Committee marked up 150 bills in 2023.

Statistic 95

Senate Judiciary Committee held 120 hearings in 2023.

Statistic 96

U.S. Code contains over 50 titles with 54,000 sections as of 2023.

Statistic 97

Congress amended the tax code 4,680 times between 2001-2017.

Statistic 98

In 2023, filibusters in the Senate delayed 250 nominations.

Statistic 99

U.S. House passed 800 resolutions in 2023.

Statistic 100

Bipartisan bills accounted for 65% of enacted laws in 117th Congress.

Statistic 101

Congressional Review Act resolutions nullified 20 rules in 2023.

Statistic 102

U.S. Congress authorized 1,200 earmarks worth $22 billion in FY2024.

Statistic 103

House Oversight Committee investigated 50 topics in 2023.

Statistic 104

Senate passed the National Defense Authorization Act annually for 62 years straight as of 2023.

Statistic 105

U.S. regulatory agenda listed 4,000 rules in 2023.

Statistic 106

Congress enacted 12 appropriations bills late in FY2023 via continuing resolutions.

Statistic 107

House Freedom Caucus blocked 15 bills in 2023.

Statistic 108

As of October 2023, U.S. public debt held by the public was $26.3 trillion.

Statistic 109

U.S. debt-to-GDP ratio reached 98% in 2023.

Statistic 110

Intragovernmental holdings of U.S. debt were $7.0 trillion in 2023.

Statistic 111

Foreign holders owned $7.6 trillion of U.S. public debt in June 2023.

Statistic 112

Japan held $1.1 trillion in U.S. Treasury securities in 2023.

Statistic 113

China held $859 billion in U.S. Treasuries as of 2023.

Statistic 114

U.S. Federal Reserve held $5.3 trillion in Treasuries in 2023.

Statistic 115

Average interest rate on U.S. marketable debt was 2.5% in FY2023.

Statistic 116

U.S. gross federal debt hit $33.3 trillion in September 2023.

Statistic 117

CBO projects U.S. debt to reach 110% of GDP by 2033.

Statistic 118

U.S. Treasury issued $23 trillion in securities in FY2023.

Statistic 119

Mutual funds held $4.8 trillion in U.S. Treasuries in 2023.

Statistic 120

State and local governments held $1.3 trillion in federal debt in 2023.

Statistic 121

U.S. pension funds owned $1.1 trillion of Treasuries in 2023.

Statistic 122

Interest costs on U.S. debt projected to hit $1 trillion annually by 2028.

Statistic 123

U.S. debt ceiling raised 78 times since 1960.

Statistic 124

30-year Treasury bonds averaged 4.1% yield in 2023.

Statistic 125

U.S. T-bills outstanding reached $5.9 trillion in 2023.

Statistic 126

Corporate holdings of Treasuries were $2.2 trillion in 2023.

Statistic 127

U.S. debt service coverage ratio was 4.5% of revenues in 2023.

Statistic 128

IMF estimates U.S. general government gross debt at 123% of GDP in 2023.

Statistic 129

U.S. Treasury cash balance averaged $700 billion in 2023.

Statistic 130

Contingent liabilities like Fannie Mae added $7 trillion to U.S. debt risk in 2023.

Statistic 131

U.S. net interest payments were 10.5% of federal spending in FY2023.

1/131

Sources

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With the U.S. federal government spending over six trillion dollars in a single year—more than the entire economies of most nations—understanding where every dollar goes and who manages it is not just an exercise in accounting, but a vital look into the engine of American life.

Key Takeaways

In fiscal year 2023, the U.S. federal government total outlays reached $6.13 trillion, with mandatory spending accounting for $3.8 trillion or 62% of the total.
U.S. federal discretionary spending in FY2023 was $1.7 trillion, split evenly between defense ($886 billion) and nondefense ($820 billion).
In 2022, U.S. federal revenues totaled $4.9 trillion, with individual income taxes contributing 50% or $2.45 trillion.
As of September 2023, the U.S. federal civilian workforce numbered 2.92 million employees.
In 2022, U.S. federal executive branch employees totaled 2.1 million, excluding postal service.
The U.S. Department of Defense had 775,000 civilian employees in 2023.
In the 118th Congress (2023-2024), the U.S. House of Representatives passed 27 public laws.
U.S. Senate confirmed 234 judicial nominees in 2023.
From 2021-2023, Congress enacted 362 public laws.
U.S. voter turnout in the 2020 presidential election was 66.6%, highest since 1900.
In 2020, 159.7 million Americans voted in the presidential election.
U.S. midterm election turnout in 2022 reached 47.5% of voting-eligible population.
As of October 2023, U.S. public debt held by the public was $26.3 trillion.
U.S. debt-to-GDP ratio reached 98% in 2023.
Intragovernmental holdings of U.S. debt were $7.0 trillion in 2023.

Federal spending exceeds revenue, creating large deficits and a growing national debt.

Electoral Processes

1U.S. voter turnout in the 2020 presidential election was 66.6%, highest since 1900.

Verified

2In 2020, 159.7 million Americans voted in the presidential election.

Verified

3U.S. midterm election turnout in 2022 reached 47.5% of voting-eligible population.

Verified

481 million votes cast for Joe Biden in 2020, 47% of total votes.

Directional

5Donald Trump received 74 million votes in 2020, 43% of electorate.

Single source

6Voter registration rates: 77% of citizens 18+ registered in 2020.

Verified

7Absentee and mail-in ballots comprised 46% of votes in 2020 U.S. election.

Verified

8Early voting used by 101 million Americans in 2020, 65% of total.

Verified

9Youth turnout (18-29) was 55% in 2020, up from 50% in 2016.

Directional

10Black voter turnout hit 62.6% in 2020, highest on record.

Single source

11Hispanic turnout rose to 53.7% in 2020 from 47.7% in 2016.

Verified

12Women cast 68% of votes in 2020, men 32%.

Verified

13College-educated voters favored Democrats 62-37% in 2020.

Verified

14Non-college whites voted 65-33% for Trump in 2020.

Directional

15Campaign spending in 2020 U.S. election totaled $14.4 billion.

Single source

16Super PACs spent $6.6 billion in 2020 federal elections.

Verified

17FEC reported 15,000 federal candidates in 2022 cycle.

Verified

18Ballot initiatives: 149 on ballots in 2022 across 37 states.

Verified

19Voter ID laws in 36 states as of 2023.

Directional

20Automatic voter registration in 24 states and DC as of 2023.

Single source

21Ranked-choice voting used in 52 jurisdictions in 2023.

Verified

22U.S. House incumbents reelected at 94% rate in 2022.

Verified

23Senate incumbents won 84% in 2022 midterms.

Verified

24Presidential approval ratings averaged 41% for Biden in 2023.

Directional

25Gerrymandering: 187 districts rated competitive in 2022.

Single source

26FEC enforcement cases: 2,500 in 2022.

Verified

Electoral Processes Interpretation

Behold the 2020 American election, where two-thirds of us, a record-breaking horde wielding mail-in ballots and powered by unprecedented youth and minority turnout, spent a staggering fourteen billion dollars to essentially renew 94% of the House's lease and maintain a near-perfect political stalemate.

Fiscal Policy and Budgeting

1In fiscal year 2023, the U.S. federal government total outlays reached $6.13 trillion, with mandatory spending accounting for $3.8 trillion or 62% of the total.

Verified

2U.S. federal discretionary spending in FY2023 was $1.7 trillion, split evenly between defense ($886 billion) and nondefense ($820 billion).

Verified

3In 2022, U.S. federal revenues totaled $4.9 trillion, with individual income taxes contributing 50% or $2.45 trillion.

Verified

4The U.S. Congressional Budget Office projects federal deficits to average 5.5% of GDP from 2024-2033.

Directional

5In FY2022, U.S. federal spending on Medicare was $748 billion, representing 12% of total federal outlays.

Single source

6U.S. federal interest payments on debt in FY2023 amounted to $659 billion, up 30% from the previous year.

Verified

7In 2023, U.S. federal grants to state and local governments totaled $1.2 trillion, focused on health and transportation.

Verified

8The U.S. deficit for FY2023 was $1.7 trillion, or 6.3% of GDP.

Verified

9Federal spending on veterans' benefits in FY2023 reached $301 billion, including disability compensation.

Directional

10U.S. federal R&D spending in FY2023 was $201 billion, with 42% allocated to health research.

Single source

11In 2022, corporate income taxes generated $425 billion for the U.S. federal government, 9% of total revenues.

Verified

12U.S. federal education spending in FY2023 was $79 billion at the federal level, excluding state aid.

Verified

13Homeland security discretionary spending in FY2023 was $108 billion for the U.S. government.

Verified

14U.S. federal housing assistance programs disbursed $54 billion in FY2022.

Directional

15Energy and environment federal outlays in FY2023 totaled $46 billion for the U.S.

Single source

16U.S. federal international affairs spending in FY2023 was $60 billion, including foreign aid.

Verified

17Federal agriculture subsidies in FY2022 amounted to $28 billion in the U.S.

Verified

18U.S. federal justice system spending in FY2023 was $58 billion.

Verified

19Federal natural resources spending in FY2023 reached $44 billion in the U.S.

Directional

20U.S. federal community development block grants disbursed $3.3 billion in FY2022.

Single source

21Federal transportation outlays in FY2023 were $109 billion for highways and transit in the U.S.

Verified

22U.S. federal food and nutrition assistance spending in FY2023 was $182 billion.

Verified

23Federal science funding outside of health in FY2023 totaled $40 billion in the U.S.

Verified

24U.S. federal unemployment insurance outlays peaked at $552 billion in FY2021 but fell to $32 billion in FY2023.

Directional

25Federal earned income tax credit payments in 2022 were $73 billion in the U.S.

Single source

26U.S. federal child tax credit expenditures reached $119 billion in 2022.

Verified

27Federal supplemental nutrition assistance program (SNAP) spending was $119 billion in FY2023.

Verified

28U.S. federal Medicaid spending in FY2023 was $616 billion.

Verified

29Federal deposit insurance fund maintained $123 billion in reserves as of 2023.

Directional

30U.S. federal crop insurance subsidies cost $10 billion in premiums subsidized in FY2022.

Single source

Fiscal Policy and Budgeting Interpretation

The federal budget is running on a fiscal treadmill where mandatory spending is on autopilot, interest payments are soaring, and we're funding everything from fighter jets to food stamps with a credit card that future generations will max out.

Government Workforce and Administration

1As of September 2023, the U.S. federal civilian workforce numbered 2.92 million employees.

Verified

2In 2022, U.S. federal executive branch employees totaled 2.1 million, excluding postal service.

Verified

3The U.S. Department of Defense had 775,000 civilian employees in 2023.

Verified

4U.S. federal Veterans Affairs Department employed 409,000 in 2023.

Directional

5In FY2023, U.S. federal agencies spent $23 billion on employee compensation and benefits.

Single source

6U.S. Postal Service employed 640,000 career employees as of 2023.

Verified

7The U.S. Department of Homeland Security had 240,000 employees in 2023.

Verified

8Federal judicial branch employees numbered 31,000 in 2022.

Verified

9U.S. Treasury Department workforce was 115,000 in FY2023.

Directional

10Department of Justice employed 113,000 personnel in 2023.

Single source

11U.S. Department of Agriculture had 100,000 employees in 2023.

Verified

12Federal Aviation Administration workforce reached 45,000 in 2023.

Verified

13U.S. Environmental Protection Agency employed 15,000 staff in 2023.

Verified

14Department of Energy civilian workforce was 15,200 in 2023.

Directional

15U.S. Department of the Interior had 70,000 employees in 2023.

Single source

16Federal Bureau of Investigation workforce totaled 35,000 in 2023.

Verified

17U.S. Department of Education employed 4,100 in 2023.

Verified

18NASA workforce was 18,000 civil servants in 2023.

Verified

19U.S. Department of Transportation had 55,000 employees in 2023.

Directional

20Social Security Administration employed 60,000 in 2023.

Single source

21U.S. Department of Health and Human Services workforce was 87,000 in 2023.

Verified

22Internal Revenue Service had 80,000 employees in 2023.

Verified

23Federal Reserve System employed 20,000 across its system in 2023.

Verified

24U.S. Government Accountability Office had 3,100 staff in 2023.

Directional

25Congressional Budget Office employed 270 in 2023.

Single source

26U.S. Capitol Police force numbered 2,100 officers in 2023.

Verified

Government Workforce and Administration Interpretation

Behind every number lies a paradox: a massive, intricate machine of nearly three million civilian minds is how America manages everything from delivering mail and defending borders to exploring space and auditing taxes, all while somehow still arguing over the size of government.

Legislative Activities

1In the 118th Congress (2023-2024), the U.S. House of Representatives passed 27 public laws.

Verified

2U.S. Senate confirmed 234 judicial nominees in 2023.

Verified

3From 2021-2023, Congress enacted 362 public laws.

Verified

4The 117th Congress (2021-2022) introduced 14,000 bills, with 365 becoming law.

Directional

5U.S. House of Representatives held 1,200 committee hearings in 2023.

Single source

6Senate passed 95 bills into law during the 117th Congress.

Verified

7In 2023, Congress appropriated $1.7 trillion in the omnibus spending bill.

Verified

8U.S. Congress enacted the Infrastructure Investment and Jobs Act in 2021, authorizing $1.2 trillion over 5 years.

Verified

9The CHIPS and Science Act of 2022 allocated $280 billion for semiconductors and research.

Directional

10Inflation Reduction Act of 2022 raised $738 billion in revenue while spending $391 billion on climate.

Single source

11U.S. Congress overrode 1 presidential veto in the 20th century (last in 1986).

Verified

12House Ways and Means Committee marked up 150 bills in 2023.

Verified

13Senate Judiciary Committee held 120 hearings in 2023.

Verified

14U.S. Code contains over 50 titles with 54,000 sections as of 2023.

Directional

15Congress amended the tax code 4,680 times between 2001-2017.

Single source

16In 2023, filibusters in the Senate delayed 250 nominations.

Verified

17U.S. House passed 800 resolutions in 2023.

Verified

18Bipartisan bills accounted for 65% of enacted laws in 117th Congress.

Verified

19Congressional Review Act resolutions nullified 20 rules in 2023.

Directional

20U.S. Congress authorized 1,200 earmarks worth $22 billion in FY2024.

Single source

21House Oversight Committee investigated 50 topics in 2023.

Verified

22Senate passed the National Defense Authorization Act annually for 62 years straight as of 2023.

Verified

23U.S. regulatory agenda listed 4,000 rules in 2023.

Verified

24Congress enacted 12 appropriations bills late in FY2023 via continuing resolutions.

Directional

25House Freedom Caucus blocked 15 bills in 2023.

Single source

Legislative Activities Interpretation

Judges sail through confirmation while laws crawl through Congress, suggesting our government is far more efficient at filling courtrooms than it is at solving problems.

Public Debt and Borrowing

1As of October 2023, U.S. public debt held by the public was $26.3 trillion.

Verified

2U.S. debt-to-GDP ratio reached 98% in 2023.

Verified

3Intragovernmental holdings of U.S. debt were $7.0 trillion in 2023.

Verified

4Foreign holders owned $7.6 trillion of U.S. public debt in June 2023.

Directional

5Japan held $1.1 trillion in U.S. Treasury securities in 2023.

Single source

6China held $859 billion in U.S. Treasuries as of 2023.

Verified

7U.S. Federal Reserve held $5.3 trillion in Treasuries in 2023.

Verified

8Average interest rate on U.S. marketable debt was 2.5% in FY2023.

Verified

9U.S. gross federal debt hit $33.3 trillion in September 2023.

Directional

10CBO projects U.S. debt to reach 110% of GDP by 2033.

Single source

11U.S. Treasury issued $23 trillion in securities in FY2023.

Verified

12Mutual funds held $4.8 trillion in U.S. Treasuries in 2023.

Verified

13State and local governments held $1.3 trillion in federal debt in 2023.

Verified

14U.S. pension funds owned $1.1 trillion of Treasuries in 2023.

Directional

15Interest costs on U.S. debt projected to hit $1 trillion annually by 2028.

Single source

16U.S. debt ceiling raised 78 times since 1960.

Verified

1730-year Treasury bonds averaged 4.1% yield in 2023.

Verified

18U.S. T-bills outstanding reached $5.9 trillion in 2023.

Verified

19Corporate holdings of Treasuries were $2.2 trillion in 2023.

Directional

20U.S. debt service coverage ratio was 4.5% of revenues in 2023.

Single source

21IMF estimates U.S. general government gross debt at 123% of GDP in 2023.

Verified

22U.S. Treasury cash balance averaged $700 billion in 2023.

Verified

23Contingent liabilities like Fannie Mae added $7 trillion to U.S. debt risk in 2023.

Verified

24U.S. net interest payments were 10.5% of federal spending in FY2023.

Directional

Public Debt and Borrowing Interpretation

We are living in a high-stakes financial performance where the U.S. has become masterful at selling its own IOU's to everyone from Japanese pensioners to its own future taxpayers, all while the interest meter is now sprinting toward a trillion dollars a year.