United States Currently Has Debt Load of $18.14 Trillion
The US economy finally seemed to turn a corner in the second half of 2014 and the major market indexes turned in another positive year.
That's the good news.
The bad news? The United States added another $790 BILLION to its debt load last year.
As of the end of 2014, the United States reported a total debt load of $18,141,444,135,563.30.
Of this total, $13.02 trillion was in the form of "public debt" (that is, debt held by individual investors, foreign governments, pension funds, etc). The rest, $5.117 trillion, was in the form of "intragovernmental holdings", which is money that the federal government owes to programs such as Social Security.
At the end of 2013, the numbers looked like this:
Total Debt Load - $17.35 trillion
Public Debt - $12.355 trillion
Intragovernmental Holdings - $4.996 trillion
While tax revenues are up and deficit spending has been tamed somewhat, the fact of the matter is that the United States is still far, far away from balancing its budget.
As a matter of fact, the CBO (Congressional Budget Office) believes that deficit spending is going to ramp up once again in the coming years, hitting $661 billion in 2019 and $957 billion in 2023.
Filed under: General Knowledge