Chart of US Government Debt

US GOVERNMENT DEBT AND BUDGET DEFICIT

In September 2020 the US federal debt was over $27 trillion, and could reach 118% of GDP by 2030.

In April 2020, the US Congressional Budget Office (CBO), incorporating the effects of the COVID-19 pandemic, posted updated projections that the federal budget deficit for 2020 will total $3.7 trillion—17.9% of GDP. This is a $2.6 trillion increase compared to the March 2020 projection of $1.1 trillion—4.9 % of GDP. The CBO notes that these projections are uncertain, and will change as the pandemic unfolds.

Further projections estimate that the deficit will average a $1.6 trillion increase per year from 2021 through 2030.

In nominal dollars, it is estimated that the debt will grow from nearly $22 trillion in 2020 to over $133 trillion by 2051—202% of GDP.

More Development & Debt Infographics

Sources

Congressional Budget Office; www.cbo.gov
Committee for a Responsible Federal Budget; www.crfb.org/blogs/cbo-updates-budget-projections-wake-covid-19; www.crfb.org/papers/analysis-cbos-march-2021-long-term-budget-outlook
US Office of Management and Budget: www.whitehouse.gov/omb/historical-tables/
Public Debt: www.treasurydirect.gov/NP/debt/current

Tags: economics, national debt of the united states, government debt, historical us government debt, us federal deficit, us government debt, development