Friday, October 16, 2015

Federal Debt Held by Public Has More Than Doubled Under Obama

$57,431.65 for each of 117,343,000 households.

"Debt held by the public represents federal debt issued by Treasury and held by investors outside of the federal government, including individuals, corporations, state or local governments, the Federal Reserve, and foreign governments,”  explains the Government Accountability Office. “The majority of debt held by the public consists of marketable Treasury securities, such as bills, notes, bonds, floating rate notes, and Treasury Inflation-Protected Securities that are sold through auctions and can be resold by whoever owns them. Treasury also issues a smaller amount of nonmarketable securities, such as savings securities and State and Local Government Series securities."

"Intragovernmental debt holdings represent federal debt owed by Treasury to federal government accounts—primarily federal trust funds such as Social Security and Medicare—that typically have an obligation to invest in federal securities their excess annual receipts (including interest earnings) over disbursements,” says GAO.

“Unlike debt held by the public,” says GAO, “intragovernmental debt holdings are not shown as balances on the federal government’s consolidated financial statements because they represent loans from one part of the federal government to another."

As of the close of business on Tuesday, the total debt of the federal government was $18,150,481,620,363.39. Of this, $13,046,512,400,965.87 was debt held by the public, and $5,103,969,219,397.52 was intragovernmental debt.

The $13,046,512,400,965.87 in debt held by the public was an increase of $6,739,201,661,284.21—or 106.8 percent--from the $6,307,310,739,681.66 in debt held by the public on the day Obama was inaugurated. (CNS News)

No comments: