Government gross debt in United States

US government debt is the total liabilities owed by the public sector to its creditors. It is expressed in absolute terms and as a share of GDP. The main reference is the federal debt published by the Treasury, distinguishing total debt from debt held by the public.

It is compiled by summing Treasury securities outstanding. Total debt (which includes intragovernmental holdings such as Social Security trust funds) is separated from debt held by the public, the metric most relevant to markets. The ratio relates the stock to GDP.

Federal debt sets the Treasury's issuance needs and, with them, the supply of bonds that anchors global reference rates. In the US, recurring debt-ceiling episodes and rating reviews can trigger volatility in the dollar and in Treasuries despite their safe-haven status.

The debt-to-GDP ratio is low-frequency, even though the nominal stock is published very frequently. It is worth distinguishing total debt from debt held by the public, and remembering that the ratio also depends on nominal GDP.