The United States debt is the money borrowed by the federal government of the United States at any one time through the issue of securities by the Treasury and other federal government agencies. The United States national debt consists of two factors. First, debt held by the public comprises securities held by investors outside the federal government, including that held by investors, the Federal Reserve System and foreign, state and local governments. Second, intra-government debt comprises Treasury securities held in accounts administered by the federal government, such as the Social Security Trust Fund.
The public debt increases or decreases as a result of the annual unified budget deficit or surplus. The federal government budget deficit or surplus is the cash difference between government receipts and spending, ignoring intra-governmental transfers.
In the United States, there continues to be disagreement between Democrats and Republicans regarding the United States debt, with Republicans typically advocating for smaller federal government and lower taxes while Democrats continue advocating for a larger federal government and higher taxes.