FAQs About the Public Debt

The Bureau of the Fiscal Service accounts for and reports on the U.S. public debt but does not set budget or debt policy. The deficit is the annual gap between government receipts and outlays, and accumulated deficits largely compose the total debt, which is financed by issuing Treasury securities. The Public Debt Outstanding is reported daily and is distinct from the Public Debt Subject to Limit, which caps borrowing without additional Congressional authority.