Debt Federal gross national debt consists of the publicly held debt which is borrowed from credit markets and intragovernmental debt, such as the Social Security trust fund. Publicly held debt will exceed $12 trillion in 2013 and together with nearly $5 trillion in intragovernmental debt, will drive the national debt to nearly $17 trillion. In 2013, the national debt will reach $140,000 per American household. In 2013, publicly held debt will reach 75 percent of GDP. The historical average is 32.5 percent. This assumes that sequestration cuts continue as scheduled and taxes increase by $1 trillion as certain tax provisions expire. Congress has extended most expiring tax provisions in every year. If Congress also ignores future sequester cuts and continues the doc fix (reversing a scheduled payment cut to physicians who serve Medicare patients), publicly held debt would surge to 83 percent of GDP—the largest share since 1948.
Posted on: Thu, 14 Nov 2013 16:19:28 +0000
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