Home > Uncategorized > CBO Director’s Blog – Federal Debt and Interest Costs

CBO Director’s Blog – Federal Debt and Interest Costs

From the CBO Director’s Blog:

Federal Debt and Interest Costs

December 14th, 2010 by Douglas Elmendorf

Recently, the federal government has been recording the largest budget deficits, as a share of gross domestic product (GDP), since the end of World War II. As a result of those deficits, the amount of federal debt held by the public has soared—surpassing $9.0 trillion at the end of fiscal year 2010 and equal to 62 percent of GDP. The interest the government pays on that debt is currently low by historical standards as a percentage of GDP but is expected to grow rapidly over the next several years as interest rates rise. In response to a request from the Senate Budget Committee, CBO prepared a study providing background material on federal debt and interest costs.

Debt held by the public

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