US Government Finance: Debt - Yardeni Research
US Government Finance: Debt
Yardeni Research, Inc.
April 24, 2020
Dr. Edward Yardeni
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Table Of Contents Table Of Contents
US Treasury Debt Debt Limit US Treasury Debt Public Debt Fed's Holdings of US Treasuries Foreign Central Banks' Holdings of US Treasuries All Central Banks' Holdings of US Treasuries Foreign Purchases of US Treasuries Foreign Official Assets US Capital Inflows: Treasuries US Capital Inflows: Agencies Bank Holdings Twin Deficits Total Outstand Marketable Debt
1 2 3-4 5 6 7 8 9 10 11 12 13 14 15-16
April 24, 2020 / US Government Finance: Debt
Yardeni Research, Inc.
US Treasury Debt
Figure 1.
2150
US FEDERAL GOVERNMENT BUDGET DEFICIT & BORROWING (billion dollars)
1650
US Treasury Securities
Held by Public
(yearly change)
US Federal Budget Deficit
1150
(12-month sum)
650
2150
1650 Mar
1150 Mar
650
150
150
-350
-350
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: US Treasury Department.
Figure 2.
550
550
US TREASURY SECURITIES OUTSTANDING PUBLICLY HELD
500 (billion dollars, monthly change)
500
450
450
400
400
350
350
300
300
250
Mar 250
200
200
150
150
100
100
50
50
0
0
-50
-50
-100
-100
-150
-150
-200
-200
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: US Treasury Department.
Page 1 / April 24, 2020 / US Government Finance: Debt
Yardeni Research, Inc.
Debt Limit
Figure 3.
24
TOTAL PUBLIC DEBT OUTSTANDING 22 (trillion dollars, nsa)
Mar 24
Jul
22
20
20
18
Subject to Debt Limit (23.7)
16
Statutory Debt Limit (22.0)
Publicly Held
14
Treasury Securities Outstanding (17.7)
Mar 18 16 14
12
12
10
10
8
8
6
6
4
4
2
2
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Monthly Statement of the Public Debt of the United States.
Figure 4.
8.5
US FEDERAL DEBT HELD BY THE FEDERAL GOVERNMENT 8.0 (trillion dollars, nsa)
Mar 8.5 8.0
7.5
7.5
7.0
7.0
6.5
6.5
6.0
6.0
5.5
5.5
5.0
5.0
4.5
4.5
4.0
4.0
3.5
3.5
3.0
3.0
2.5
2.5
2.0
2.0
1.5
1.5
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Monthly Statement of the Public Debt of the United States.
Page 2 / April 24, 2020 / US Government Finance: Debt
Yardeni Research, Inc.
US Treasury Debt
Figure 5.
18
US TREASURY DEBT HELD BY THE PUBLIC (trillion dollars, nsa)
16
14
Mar
18
16 Mar
14
12
12
Publicly Held
Treasury Securities Outstanding
10
Marketable*
10
8
8
6
6
4
4
2
2
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
* Marketable interest-bearing bills, notes and bonds. Source: US Treasury Department, Monthly Statement of the Public Debt of the United States.
Figure 6.
12
US TREASURY DEBT HELD BY THE PUBLIC 11 (trillion dollars, nsa)
10
12
11
Mar
10
9
Marketable Interest-Bearing
9
8
Bills
8
Notes
7
Bonds
7
6
6
5
5
4
4
3
3
2
2
1
1
0
0
68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: US Treasury Department, Monthly Statement of the Public Debt of the United States.
Page 3 / April 24, 2020 / US Government Finance: Debt
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