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US Debt Ceiling Deal: What Happened?

Tracking the Historical US Debt Data in the Wake of the US Debt Ceiling Deal

In a significant recent development, Congress approved an agreement to raise the government's borrowing limit, preventing a potentially catastrophic default on US debt repayments. Learn more about the recent US debt ceiling deal and its implications on public debt, intragovernmental holdings, and total public debt outstanding.

US Debt Ceiling Deal Overview

The US debt ceiling, currently set at $31.4tn, imposes a legislative limit on the amount of national debt that the US Treasury can issue. This limit applies to both the debt held by the public and intragovernmental holdings. Debt held by the public refers to treasury securities held by individuals, corporations, foreign entities, as well as state and local governments. On the other hand, intragovernmental holdings are treasury securities held in accounts administered by the federal government itself.

Historical US Debt Data

Here is a historical overview of US debt from 1993 to 2023, including debt held by the public, intragovernmental holdings, and total public debt outstanding.

Data Source (opens in a new tab)

Implications of the US Debt Ceiling Deal

The recently passed deal in Congress has suspended the debt ceiling until 2025. This suspension ensures the government's ability to meet its financial obligations and prevents potential conflicts over the ceiling from impacting the upcoming presidential election.

A default on US debt would have severe global consequences, making the debt ceiling suspension a significant relief for the global community. Nevertheless, tensions persist concerning federal budget allocations, particularly related to defense and non-defense spending.

For further information on the US debt ceiling issue, you can read the BBC News report (opens in a new tab).

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