How to Understand U.S. Debt
A short video that walks through how to read the data below.
Overview
Net interest against discretionary defense and personal income taxes, by fiscal year
- Historical
- Projected
Notes and definitions
Data table
A Wall of Maturing Debt
By maturity year, stacked by tenor
—Notes and definitions
Data table
Replacing Cheap Debt with Expensive Debt
—
—
—
Nominal buckets
—Notes and definitions
We compare two rates for each term length (e.g., all 10-year terms, regardless of security type):
- Old rate: the weighted interest on debt maturing today.
- Replacement rate: the interest on new debt sold recently.
The gap between the two is shown in basis points (1 bps = 0.01%).
Notes and definitions
Where the Money Already Goes
Outlays by layer, with revenues, as a share of GDP
- Historical
- Projected
Notes and definitions
Data table
Debt and Interest Against the Economy
Each on its own panel, by fiscal year
- Historical
- Projected
Notes and definitions
Each panel has its own scale; the two are never read against each other.
Data table
Total Debt Outstanding
Gross debt and debt held by the public, 1985 → 2035
annual- Historical
- Projected
- Year not closed
- Measured on a date other than the year end
Notes and definitions
Data table
What to Watch Next
Methods
Data sourced directly from Treasury auction results and CBO published tables.