The national debt of the United States, also known as the public debt or national deficit, is the total amount of money borrowed by the federal government to finance its operations and activities.
The US national debt situation worsened greatly since the 2008 crisis. Under Barack Obama, it added nine trillion; under Donald Trump, another seven trillion. Under Joe Biden’s presidency, the US national debt stands at over $34.63 trillion as of June 2024.
The national debt is the outstanding financial obligations of a country. It is what the federal government has received from creditors – both residents and foreign holders of government bonds.
In 2018, the US national debt was already at 78% of GDP – a figure the World Bank considers dangerous. These numbers raise a concern for many countries around the world, due to its far-reaching implications for the financial stability of the global economy.
Take a look at Sputnik’s infographics showing the US foreign debt and the top countries the US owes:
