The current $36 trillion and rapidly growing gross federal debt represents a moral failure that will divert critical resources away from crucial investments in our children’s, grandchildren’s and future generations’ educations, economic opportunities, and overall quality of life.

Included in this incomprehensively large national deficit is debt held by the public as well as debt held by federal trust funds and other government accounts. In very basic terms this can be thought of as debt that the government owes to others plus debt that it owes to itself.

Many economists regard debt held by the public (DHBP) as the most meaningfully quoted measurement which is typically expressed as a percentage of gross domestic product (GDP), a ratio that measures the economy’s capacity to support government borrowing over time.

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