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The US has about $30.9 trillion in national debt, according to latest data from the Treasury Department, and that total will reach $31 trillion later in the month.

The public holds about $24.3 trillion in total US public debt, and $6.6 trillion is intragovernmental holdings, according to Treasury Department data Monday.


US National Debt Nears $31T: How It Compares With Other Countries

The Treasury Department said on its website that intragovernmental holdings include federal trust funds, revolving funds and special funds as well as federal financing bank securities.

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Debt held by the public includes “all national debt held by any person or entity that is not a U.S. federal government agency,” according to Treasury Department, This includes corporations, domestic individual investors, local or state governments, the Federal Reserve Bank, foreign investors, foreign governments, and other entities.

US National Debt Around $31T: What It Means and Why It’s a Concern

About a third of the public debt is with foreign holders. Foreign countries roughly hold the total 7.4 trillion US dollars in debt By the end of June, the most recent month with available data.

Fed in a photo illustration with money

Japan is the largest holder with about $1.2 trillion in Treasury securities. After Japan, the four countries with the largest US debt are China with $967.8 billion, Britain at $615.4 billion, Luxembourg with $306.8 billion and the Cayman Islands at $300.4 billion.

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The US national debt last hit a milestone in February 2020 when it crossed $30 trillion for the first time.

The rising debt could have an impact on the US economy, the nonpartisan Congressional Budget Office warned in its long-term budget outlook released in July. “This will raise the cost of borrowing across the economy, reduce private investment and slow the growth of economic output over time,” the agency said.