Federal Debt

STATE OF FISCAL POLICY, SPENDING, AND DEFICITS


Federal Deficit Spending:	$(1.8) trillion LTM Down from peak of $(4.1) trillion. Trillion dollar deficits for foreseeable future?

U.S. Government Debt O/S:	U.S. Treasury Debt O/S: $27.6 trillion ⇧ 7.7% YoY	Federal Debt O/S: $34.8 trillion ⇧ 7.7% YoY

U.S. Treasury Debt Issuance:	LTM Gross Issuance $28.4 trillion	LTM Net Issuance $1.9 trillion

FISCAL POLICY ACTIONS AND COVID-19 PANDEMIC

**Federal Deficit Spending Surges During COVID, Then Declines**

**Federal Debt - U.S. Treasuries - Increases**

FEDERAL SURPLUS (DEFICIT)

   LTM Federal Spending Deficit = ~$(1.8) Trillion; but down from peak of $(4.1) trillion. 
  

U.S. TREASURY SECURITIES: OUTSTANDING AND ISSUANCE

**Issuance of U.S. Treasury Securities**

TOTAL FEDERAL DEBT

FEDERAL DEBT HELD BY INVESTORS

Foreign investors continue to be the largest group holding U.S. debt securities. The Federal Reserve continues to reduce its holdings and is second largest holder.