Общий непогашенный государственный долг Казначейства

Explanation of Treasury Total Public Debt Outstanding

【Definition and Measurement of the Indicator】

Treasury total public debt outstanding represents the total amount of government securities issued by the United States. This indicator is updated daily by the U.S. Treasury Department and shows the total amount borrowed by the federal government from domestic and foreign investors. It includes all Treasury securities sold in the open market, Treasury securities held by government agencies, and Treasury securities held by social security funds.

【Importance of the Indicator】

This indicator is economically important for multiple reasons. First, it is the most fundamental indicator for evaluating the long-term fiscal health of the United States. Rapid growth in debt outstanding creates concerns about the government's repayment capacity, leading to rising Treasury yields. Second, it has a major impact on the global economy. U.S. Treasuries are among the safest assets held by investors worldwide, and their credit conditions directly affect global interest rate levels and capital flows. Third, they also affect inflation and the dollar exchange rate.

【Trends and Points of Focus】

In the long term, U.S. public debt outstanding has shown consistent upward growth. Particularly during the 2008 financial crisis and the 2020 coronavirus pandemic, large-scale expenditures for economic stimulus measures were executed, causing debt to surge. A notable point is the debt-to-GDP ratio. The higher this ratio, the stronger concerns about repayment capacity. Additionally, the increase in interest payments is an important issue, as in a rising interest rate environment the government's burden could increase sharply. Future fiscal policy and economic growth rates will be important factors determining the sustainability of debt.