Public Debt in United States
Revised data shows that GDP grew 1.3% in quarter-on-quarter annualized terms in Q1, slightly above the initial estimate. Underlying momentum was stronger than the headline reading, which was weighed on by a drop in private inventories: Household and government consumption gained speed in the quarter, while fixed investment declined at a softer rate. Turning to Q2, available data is positive: The composite PMI rose through May, while core retail sales and payroll gains both beat market expectations in April. In politics, at end-May, President Biden and Republican Speaker of the House Kevin McCarthy reached a deal to raise the debt ceiling. Congressional approval—which is not guaranteed—would avert a damaging default but also cap government spending for the next two years, dampening domestic demand slightly ahead.
United States Public Debt Chart
This chart displays Public Debt (% of GDP) for United States from 2013 to 2022.
United States Public Debt Data
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Public Debt (% of GDP) | 105.3 | 107.1 | 108.6 | 131.8 | 127.1 |