By 2032, the gross federal debt of the United States is projected to be about 45 trillion U.S. dollars. This would be an increase of about 16.9 trillion U.S. dollars from 2021, when the federal debt was 28.3 trillion U.S. dollars.
The federal debt of the U.S.
The federal debt, also called the national debt or public debt, is the amount of debt held by the United States government. This debt may be to other countries, or to different departments within the government itself. The public debt of the United States has increased significantly over the past 30 years, as it was around 3.2 trillion U.S. dollars in 1990 and totaled around 26.9 trillion U.S. dollars in September 2020.
The problem of the federal debt
Over the past decade, the federal debt limit in the United States has increased significantly. In recent years, the hiking of the debt ceiling has been used as a tool to keep the U.S. government from shutting down. The issue of the U.S. federal debt has put a wedge between Democrats and Republicans, as the two parties are unable to find an effective solution to reduce the federal debt.
When broken down per capita, the national debt amounted to about 80,885 U.S. dollars of debt per person in the United States.
Forecast of the gross federal debt of the United States for fiscal years 2021 to 2032
(in billion U.S. dollars)
Gross federal debt comprises federal debt held by the public plus Treasury securities held by federal trust funds and other government accounts.
The fiscal year is the accounting period for the federal government which begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends
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US Congressional Budget Office. (May 25, 2022). Forecast of the gross federal debt of the United States for fiscal years 2021 to 2032 (in billion U.S. dollars) [Graph]. In Statista. Retrieved July 02, 2022, from https://www.statista.com/statistics/216998/forecast-of-the-federal-debt-of-the-united-states/
US Congressional Budget Office. "Forecast of the gross federal debt of the United States for fiscal years 2021 to 2032 (in billion U.S. dollars)." Chart. May 25, 2022. Statista. Accessed July 02, 2022. https://www.statista.com/statistics/216998/forecast-of-the-federal-debt-of-the-united-states/
US Congressional Budget Office. (2022). Forecast of the gross federal debt of the United States for fiscal years 2021 to 2032 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: July 02, 2022. https://www.statista.com/statistics/216998/forecast-of-the-federal-debt-of-the-united-states/
US Congressional Budget Office. "Forecast of The Gross Federal Debt of The United States for Fiscal Years 2021 to 2032 (in Billion U.S. Dollars)." Statista, Statista Inc., 25 May 2022, https://www.statista.com/statistics/216998/forecast-of-the-federal-debt-of-the-united-states/
US Congressional Budget Office, Forecast of the gross federal debt of the United States for fiscal years 2021 to 2032 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/216998/forecast-of-the-federal-debt-of-the-united-states/ (last visited July 02, 2022)