🇺🇸 United States

Public Sector Debt · 2026

Total Debt

184.9%

of GDP

Global Rank

of 192

Interest Burden

13%

of govt revenue

S&P Rating

AA+

Credit rating

SOE Debt

+31.3%

2 categories

5yr Change

-8pp

improving

Interest Cost

4.0%

of GDP (govt only)

Where the Debt Sits

Central Government

Subnational

GSEs

Central Government: 131.3%Subnational: 22.3%GSEs: 31.2%Public Corps: 0.1%

Who Holds This Debt

Holder Breakdown

Domestic 70%

Foreign 30%

Domestic: 70%Foreign: 30%

Currency Denomination

Local 100%

Local currency: 100%Foreign currency: 0%

Full Debt Breakdown

Central Government131.3% of GDP

Central GovernmentU.S. Treasury — Debt to the PennyIMF CG_DEBT_GDP definition (~debt held by public). Gross federal debt including intragovernmental (Social Security, Medicare trust funds) is ~125% of GDP.

131.3%

Subnational / Regional22.3% of GDP

SubnationalIMF GG-CG (WEO 2025)

22.3%

Public Corporations0.1% of GDP

Tennessee Valley Authority (TVA)TVA Annual ReportFederal power utility serving 10 million people across 7 states.

0.1%

Government-Sponsored Enterprises31.2% of GDP

Fannie Mae (mortgage guarantees & debt)Fannie Mae 10-K SEC Filing→Government-sponsored enterprise placed in conservatorship in 2008. Guarantees ~$4T in mortgage-backed securities.

14.2%

Freddie Mac (mortgage guarantees & debt)Freddie Mac 10-K SEC Filing→Government-sponsored enterprise placed in conservatorship in 2008. Guarantees ~$3.6T in mortgage-backed securities.

12.5%

Federal Home Loan BanksFHLB Office of Finance Combined Financial Report11 regional banks providing liquidity to mortgage lenders. $1.3T in consolidated obligations.

4.5%

Total Corporate Debt72.5% of GDP

Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Total NFC credit. SOE portion negligible (<1% GDP). Mostly private sector.

72.5%

Household Debt68.0% of GDP

Household debt (mortgages + consumer)BIS Credit Statistics Q3 2025Mortgages dominant. Relevant as backstopped by GSEs (Fannie/Freddie).

68.0%

Unfunded Pension Liabilities92.1% of GDP

Federal unfunded obligations (Social Security + Medicare)US Treasury Financial Report 2024; Social Security TrusteesSocial Security 75-yr unfunded obligation ~$22.6T + Medicare Part A ~$3.5T = ~$26T. At $29T GDP = ~90%. Using 85% conservative.

85.0%

State & local pension unfunded liabilitiesEquable Institute State of Pensions 2025, Pew Charitable TrustsOfficial GASB unfunded liability across all state/local plans. 74% funded ratio. Conservative estimate — market-rate discount would yield $4-6T.

4.8%

State & local OPEB unfunded (retiree health)ALEC OPEB Liabilities 6th EditionOther Post-Employment Benefits — retiree healthcare. Only 12% funded ratio. Almost nothing set aside.

2.3%

All Layers Total417.5%