National debt of the United States

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The national debt of the United States is the total national debt owed by the federal government of the United States to treasury security holders. At any given point in time, the U.S. national debt is the cumulative face value of all outstanding treasury securities that have been issued by the U.S. Department of Treasury and American federal agencies. It does not generally include unfunded or future obligations. The U.S. has the largest external debt in the world alongside the world's largest economy. The ratio of debt to GDP oscillates as economic growth, inflation, or public finances change. The US debt-to-GDP ratio has historically increased during armed conflicts, pandemics, and economic recessions and then subsequently declines. The national debt exceeds total annual U.S. economic output. The federal government generates revenue through taxation before spending on public services, creating a government budget balance. If not balanced, the government produces either a "national deficit...

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