## The Truth About America's $34.4 Trillion Debt: Who's Paying the Bill?

By the end of 2024, the total U.S. national debt has surpassed $34.4 trillion, revealing a complex debt structure and global capital flows behind this figure.

### Domestic funds are the main force, accounting for up to 77%

U.S. domestic creditors hold $26.4 trillion in debt, supporting the majority of the debt structure. Among them, internal government agencies hold $7.0 trillion, accounting for 20% of the total debt. Ordinary American citizens hold $5.7 trillion through savings bonds and various investment tools, accounting for 17%.

The Federal Reserve's balance sheet still contains $5.2 trillion in U.S. Treasuries, about 15% of the total debt. Institutional investors such as investment funds and pension funds are also key players—investment funds hold $3.7 trillion (11%), and pension funds hold $1.0 trillion (3%). State and local governments, credit institutions, and insurance companies hold $1.7 trillion, $1.6 trillion, and $48 billion respectively.

### Foreign buyers hold 23%, East Asian influence cannot be ignored

International creditors hold $7.9 trillion in U.S. Treasuries, accounting for 23%. Japan, as the largest foreign creditor, holds $1.1 trillion (3%); China follows closely with $820 billion (2%); the UK holds $680 billion (2%). Other countries and regions collectively hold $5.3 trillion (15%).

This pattern reflects that U.S. Treasury bonds have become an important part of global asset allocation, and the stability of foreign debt levels directly relates to the long-term operation of the dollar credit system.