When the Debt Was Accumulated

Who Holds the Debt

The Public

Foreign Countries

U.S. Gov’t

Includes debt held by individuals, corporations, banks and insurance companies, pension and mutual funds, state and local governments.

China

Japan

Britain

Oil-exporting countries

Other countries

Federal Reserve System Includes collateral for U.S. currency and store of liquidity for emergency needs.

Social Security Trust Funds Surpluses generated by the program that have been invested in government bonds.

Other gov’t trust funds

President Obama (2009-11) Stimulus spending, tax cuts, and the effects of 2007-9 recession in lost revenues and automatic spending, like unemployment compensation.

George W. Bush (2001-9) Tax cuts, the wars in Iraq and Afghanistan, economic downturn in 2001 and recession starting in 2007.

Bill Clinton (1993-2001) Despite two years of on-budget surpluses, deficit spending in other years added to the debt.

George Bush (1989-93) The first gulf war and lower revenue from a recession.

Ronald Reagan (1981-89) Peacetime defense spending and permanent tax cuts.

Before Reagan (1981 and earlier) Deficit spending from wars and economic downturns.