United States of Debt
Total US Government Debt in 2014
At the end of FY 2014 the total government debt in the United States, including federal, state, and local, is expected to be $21.0 trillion.
Total Federal Government Debt in 2014
At the end of FY 2014 the gross US federal government debt is estimated to be $17.9 trillion, according to the FY15 Federal Budget. Of this total amount, debt “Held by the Public: Other” is at $10.8 trillion, debt “Held by the Public: Federal Reserve System” is estimated at $2.07 trillion and debt “Held by Federal Government Accounts” is estimated at $4.99 trillion.
Total State Government Debt in 2014
At the end of FY 2014 the state government debt in the United States is expected to be $1.21 trillion.
Total Local Government Debt in 2014
At the end of FY 2014 the local government debt in the United States is expected to be $1.92 trillion.
Some Interesting Facts:
- You could wrap $1 bills around the Earth 68,265 times with the debt amount!
- If you lay $1 bills on top of each other they would make a pile 1,915,165 km, or 1,190,028 miles high!
- That’s equivalent to 4.98 trips to the Moon!
U.S. debt jumped more than $300 billion on October 17, 2013 , the first day the federal government was able to borrow money under the deal President Obama and.
Debt now equals $17.075 trillion, according to figures posted online by the Treasury Department on Friday.
The $328 billion increase in the debt is an all-time record. The giant jump comes because the government was restoring its stock of extraordinary measures.
As Per the law, that restoring just after the new debt space.
Usually Congress sets a debt ceiling that caps the total amount the government can be in the red.
But under the terms of this week’s deal, Congress set a deadline instead of a dollar cap. That means debt can rise as much as the president and Congress want it to.
The rate of increase over the past five months that could end up meaning Congress just granted Mr. Obama a debt increase of $700 billion or more.
Republicans initially tend to attach strings to the increase in debt, but they quit, instead settling on a bill that reopened the government and included some special earmark projects, but didn’t include any spending cuts.