According to the US Treasury, as of May 2011 the largest single holder of U.S. government debt was China, with 36 percent of all foreign-held U.S. Treasury securities (16% of total US public debt)
The 10 most insolvent U.S. states are: California, Florida, Illinois, Arizona, New Jersey, Michigan, Nevada, Oregon, Wisconsin, and Rhode Island. These states make up about one-third of the U.S. population. To view the current debt, view
The US Debt Clock.
"The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case."-S&P
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The National debt rose $238 billion (almost 60% of the new debt ceiling) on August 3, 2011. That is the largest one-day increase in the history of the United States.
The US debt surpassed 100% of gross domestic product-GDP for the first time since World War II.
According to the International Monetary Fund, the US joined a group of countries whose public debt exceeds their GDP such as Greece and Lebanon.
According to a Politifact.com article by Louis Jacobson, The Office of Management and Budget forecasts that, by the end of fiscal year 2012, gross federal debt will total $16.3 trillion. Thus, the projected debt will equal 101% of projected gross domestic product, which represents a milestone in the U.S. economy. Public debt alone, which excludes amounts that the government owes its citizens via various trust funds, will be 67% of GDP by the end of fiscal 2012.
Into The Future
- The U.S. debt surpassed 100 percent of gross domestic product after the government's debt ceiling was lifted on August 2nd.
- The next time the debt ceiling is reached is expected to be in early 2013