U.S. Treasury debt surpasses $30 trillion, doubling since 2018
Jinse Finance reported that the total amount of sovereign debt issued by the U.S. Treasury has surpassed $30 trillion for the first time, more than doubling since 2018. Data released on Thursday showed that as of November, the total amount of outstanding Treasury bills, notes, and bonds reached $30.2 trillion. This $30.2 trillion in debt constitutes the main component of the total U.S. federal debt. As of November, the total U.S. national debt reached $38.4 trillion, which includes obligations to the Social Security Trust Fund, savings bond holders, and others. According to data from the Securities Industry and Financial Markets Association, in 2020, the U.S. raised $4.3 trillion through the issuance of these three types of Treasury securities, with the fiscal deficit exceeding $3 trillion that year. Although the deficit has since narrowed (dropping to about $1.78 trillion in fiscal year 2025), interest payments on the debt alone have reached as high as $1.2 trillion. Jason Williams, a rates strategist at Citigroup, pointed out: "The biggest challenge is interest payments. Even if tariff revenues reach $300-400 billion, it is still far less than what we pay in interest on existing debt. We are like being stuck in quicksand; tariffs may slow our sinking a bit, but we are still sinking."
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