The US national debt reflects the borrowing by the government to finance its operations and obligations. Concerns about the sustainability of the debt level, its impact on future economic growth, and potential burden on taxpayers continue to be the subject of significant debate among policymakers and economists.
The US national debt has exceeded the mark of $36 trillion and updated the historical maximum, according to the US Treasury Department. This is the largest national debt in the world in nominal terms, and it has increased by $2 trillion since the beginning of the year.
As of November 21 (the last day for which statistics are available), the national debt was just over $36,034,994,586,981.
The US national debt is the amount owed by the federal government to creditors. The latter can be individuals, such as American citizens or small foreign investors, as well as states and large endowments.
The national debt is divided into two parts: intragovernmental and public. Intragovernmental debt is debt owed to various government agencies, such as pension funds. It makes up about 20% of the total debt, and as of November 21, it was $7.3 trillion. Public debt is owed to private entities, individuals, and foreign countries. It makes up the remaining 80% of the debt, or nearly $28.7 trillion as of November 21.
Reprinted from RIA Novosti
