billion. Of course, one day they will redeem their Treasury notes for cash. Public debt is also held domestically. The remaining 10 percent is owned by businesses, like banks and insurance companies. Discover more about the federal debt: How have deficits and surpluses ranked over time? By keeping interest rates low, the Fed helped the government avoid the high-interest rate penalty it would incur for excessive debt.
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Between 1801 and 1817 of U.S. National Government
The Fed purchased Treasurys from its member banks, using credit it created out of thin air. The public holds the rest of the national debt.7 trillion. . State and local government, including their pension funds - 934 billion. All of us will have to pay the nation's debt. That's more than one-third of foreign holdings. As you can see, if you add up the debt held by Social Security and all the retirement and pension funds, almost half of the.S.