United States

On the US pages, the key distinction is between total (gross) federal debt and its components — debt held by the public and intragovernmental holdings.

Gross Federal Debt

The total federal debt reported in the Treasury’s Debt to the Penny. It sums debt held by the public and intragovernmental holdings, and it is the definition used by the US clock on this site.

Debt Held by the Public

Treasury securities held outside the government — by markets, foreign investors, and the Federal Reserve. It is common in international comparison and is smaller than gross federal debt.

Debt Ceiling

The statutory limit on federal debt set by Congress. It applies to gross federal debt; when the limit is reached, the Treasury resorts to extraordinary measures.

Interpolated Estimate

An estimate that connects official release points with an annual growth rate between publication dates.