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1 1 (April 25, 2023)

handle is hein.crs/goveljt0001 and id is 1 raw text is: Congressional ____ ~ Research Service Structure of Federal Debt and Extraordinary Measures April 25, 2023 Structure of Federal Debt Federal debt is the accumulated sum of unrepaid borrowing by the federal government over time, and to a lesser extent, the value of federal loan disbursements net of repayments. The total federal debt consists of debt held by the public and intragovernmental debt. Debt owed to the public represents borrowing from entities other than the federal government, and includes borrowing from state and local governments, foreign governments and investors, the Federal Reserve System, and foreign central banks, as well as private investors in the United States. Figure 1 provides a breakdown of publicly held debt. As of December 31, 2022, total federal debt outstanding was $31,420 billion, debt held by the public was $24,528 billion, and intragovernmental debt was $6,902 billion. Data were drawn from the U.S. Department of the Treasury's Monthly Statement of the Public Debt for December 2022. On January 19, 2023, Treasury Secretary Janet Yellen invoked authorities to employ extraordinary measures that allow resources of certain intragovernmental accounts to be used to meet federal obligations to avoid exceeding the statutory limit on federal debt. The Monthly Statement of the Public Debt for December 2022 is, therefore, the last issue before the use of extraordinary measures. Federal debt has risen considerably since FY2001, the last fiscal year in which the U.S. government ran a surplus. At the end of FY2001, gross federal debt stood at $5.8 trillion, about 55% of gross domestic product (GDP). Since mid-January 2023, when extraordinary measures were deployed, federal debt has been held just below its statutory limit of $31.381 trillion, about 120% of GDP. Debt held by the public, the more relevant macroeconomic measure, was 94% of GDP. Congressional Research Service https://crsreports.congress.gov IN12149 CRS INSIGHT Prepared for Members and Committees of Congress

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