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

Yardeni Research, Inc.



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