debts
                 FEDERAL DEBT AT THE END OF FISCAL YEAR: 1940-2013
                               (billions of dollars)
                                                                             Foreign
                                 Federal   Social            Public deficit  as % of
        Gross   Public  Foreign    Gov't Security Medicare  ----------------  Public
Year     Debt     Debt     Debt Accounts     Debt     Debt    Total  Foreign    Debt
----  -------  -------  ------- -------- -------- --------  -------  -------  ------
1940     50.7     42.8               7.9      1.7
1941     57.5     48.2               9.3      2.4              -5.5
1942     79.2     67.8              11.4      3.2             -19.5
1943    142.6    127.8              14.9      4.3             -60.0
1944    204.1    184.8              19.3      5.4             -57.0
1945    260.1    235.2              24.9      6.6             -50.4
1946    271.0    241.9              29.1      7.6              -6.7
1947    257.1    224.3              32.8      8.8              17.5
1948    252.0    216.3              35.8     10.0               8.1
1949    252.6    214.3              38.3     11.3               1.9
1950    256.9    219.0              37.8     12.9              -4.7
1951    255.3    214.3              41.0     14.7               4.7
1952    259.1    214.8              44.3     16.6              -0.4
1953    266.0    218.4              47.6     18.4              -3.6
1954    270.8    224.5              46.3     20.0              -6.1
1955    274.4    226.6              47.8     21.1              -2.1
1956    272.7    222.2              50.5     22.6               4.5
1957    272.3    219.3              52.9     23.4               2.8
1958    279.7    226.3              53.3     23.9              -7.0
1959    287.5    234.7              52.8     23.2              -8.4
1960    290.5    236.8              53.7     23.0              -2.1
1961    292.6    238.4              54.3     23.4              -1.5
1962    302.9    248.0              54.9     22.2              -9.7
1963    310.3    254.0              56.3     21.4              -6.0
1964    316.1    256.8              59.2     22.0              -2.9
1965    322.3    260.8     12.3     61.5     22.2              -3.9              4.7
1966    328.5    263.7     11.6     64.8     21.6      0.9     -2.9      0.7     4.4
1967    340.4    266.6     11.4     73.8     25.6      1.8     -2.9      0.2     4.3
1968    368.7    289.5     10.7     79.1     28.1      1.7    -22.9      0.7     3.7
1969    365.8    278.1     10.3     87.7     31.9      2.4     11.4      0.4     3.7
1970    380.9    283.2     14.0     97.7     37.7      2.7     -5.1     -3.7     4.9
1971    408.2    303.0     31.8    105.1     40.8      3.4    -19.8    -17.8    10.5
1972    435.9    322.4     49.2    113.6     43.8      3.3    -19.3    -17.4    15.3
1973    466.3    340.9     59.4    125.4     44.3      5.1    -18.5    -10.2    17.4
1974    483.9    343.7     56.8    140.2     46.1      9.2     -2.8      2.6    16.5
1975    541.9    394.7     66.0    147.2     48.2     11.3    -51.0     -9.2    16.7
1976    629.0    477.4     69.8    151.6     44.9     12.1    -82.7     -3.8    14.6
1977    706.4    549.1     95.5    157.3     39.6     13.4    -71.7    -25.7    17.4
1978    776.6    607.1    121.0    169.5     35.4     15.8    -58.0    -25.5    19.9
1979    829.5    640.3    120.3    189.2     33.4     18.4    -33.2      0.7    18.8
1980    909.0    711.9    121.7    197.1     32.3     19.0    -71.6     -1.4    17.1
1981    994.8    789.4    130.7    205.4     27.2     21.8    -77.5     -9.0    16.6
1982   1137.3    924.6    140.6    212.7     19.3     26.7   -135.2     -9.9    15.2
1983   1371.7   1137.3    160.1    234.4     32.0     20.4   -212.7    -19.5    14.1
1984   1564.6   1307.0    175.5    257.6     32.2     26.0   -169.7    -15.4    13.4
1985   1817.4   1507.3    222.9    310.2     39.8     32.0   -200.3    -47.4    14.8
1986   2120.5   1740.6    265.5    379.9     45.9     48.1   -233.4    -42.6    15.3
1987   2346.0   1889.8    279.5    456.2     65.4     57.0   -149.1    -14.0    14.8
1988   2601.1   2051.6    345.9    549.5    104.2     72.3   -161.9    -66.4    16.9
1989   2867.8   2190.7    394.9    677.1    156.7     94.7   -139.1    -49.0    18.0
1990   3206.3   2411.6    440.3    794.7    214.9    110.2   -220.8    -45.4    18.3
1991   3598.2   2689.0    477.3    909.2    268.4    125.6   -277.4    -37.0    17.8
1992   4001.8   2999.7    535.2   1002.1    319.2    139.2   -310.7    -57.9    17.8
1993   4351.0   3248.4    591.3   1102.6    365.9    149.4   -248.7    -56.1    18.2
1994   4643.3   3433.1    655.8   1210.2    422.7    150.5   -184.7    -64.5    19.1
1995   4920.6   3604.4    800.4   1316.2    483.2    143.4   -171.3   -144.6    22.2
1996   5181.5   3734.1    993.4   1447.4    549.6    152.3   -129.7   -193.0    26.6
1997   5369.2   3772.3   1230.5   1596.9    630.9    151.2    -38.3   -237.1    32.6
1998   5478.2   3721.1   1224.2   1757.1    730.3    157.8     51.2      6.3    32.9
1999   5605.5   3632.4   1281.4   1973.2    855.0    184.1     88.7    -57.2    35.3
2000   5628.7   3409.8   1057.9   2218.9   1006.9    214.0    222.6    223.5    31.0
2001   5769.9   3319.6   1005.5   2450.3   1169.8    239.2     90.2     52.4    30.3
2002   6198.4   3540.4   1200.8   2658.0   1328.9    267.8   -220.8   -195.3    33.9
2003   6760.0   3913.4   1454.2   2846.6   1484.5    275.9   -373.0   -253.4    37.2
2004   7354.7   4295.5   1798.7   3059.1   1635.4    282.0   -382.1   -344.5    41.9
2005   7905.3   4592.2   1930.6   3313.1   1809.0    294.6   -296.7   -131.9    42.0
2006   8451.4   4829.0   2027.3   3622.4   1994.2    336.4   -236.8    -96.7    42.0
2007   8950.7   5035.1   2240.3   3915.6   2180.8    358.5   -206.2   -213.0    44.5

2008*  9654.4   5428.6            4225.8   2373.9    376.3   -393.5
2009* 10413.4   5856.2            4557.3   2578.6    394.1   -427.5
2010* 10954.4   6031.1            4923.3   2803.4    416.3   -174.9
2011* 11456.5   6139.7            5316.8   3044.5    437.9   -108.6
2012* 11868.1   6109.5            5758.6   3295.5    488.7     30.2
2013* 12276.4   6097.4            6179.0   3525.4    533.9     12.1

  FEDERAL DEBT PROJECTIONS FROM PRIOR BUDGET: 2007-2012
                  (billions of dollars)

                                 Federal   Social
        Gross   Public  Foreign    Gov't Security Medicare
Year     Debt     Debt     Debt Accounts     Debt     Debt
----  -------  -------  ------- -------- -------- --------
2007*  9007.8   5083.3            3924.5   2179.6    357.8
2008*  9575.5   5345.4            4230.1   2388.9    386.9
2009* 10138.3   5553.6            4584.7   2616.4    414.4
2010* 10637.6   5671.2            4966.4   2862.6    445.4
2011* 11114.8   5748.3            5366.5     3129    468.5
2012* 11487.3   5711.1            5776.2   3378.2    514.7

 CHANGE IN DEBT PROJECTIONS FROM PRIOR BUDGET: 2007-2012
                  (billions of dollars)

                                 Federal   Social
        Gross   Public  Foreign    Gov't Security Medicare
Year     Debt     Debt     Debt Accounts     Debt     Debt
----  -------  -------  ------- -------- -------- --------
2007    -57.1    -48.2              -8.9      1.2      0.7
2008     78.9     83.2              -4.3    -15.0    -10.6
2009    275.1    302.6             -27.4    -37.8    -20.3
2010    316.8    359.9             -43.1    -59.2    -29.1
2011    341.7    391.4             -49.7    -84.5    -30.6
2012    380.8    398.4             -17.6    -82.7    -26.0

-------------------------------------------------------------------
        FEDERAL DEBT AT THE END OF FISCAL YEAR: 1940-2013
                       (percentage of GDP)

                                 Federal   Social                  
        Gross   Public  Foreign    Gov't Security Medicare      GDP
Year     Debt     Debt     Debt Accounts     Debt     Debt   ($bil)
----  -------  -------  ------- -------- -------- --------  -------
1940     52.4     44.2               8.2      1.8              96.8
1940     52.4     44.2               8.2      1.8              96.8
1941     50.4     42.3               8.2      2.1             114.1
1942     54.9     47.0               7.9      2.2             144.3
1943     79.1     70.9               8.3      2.4             180.3
1944     97.6     88.3               9.2      2.6             209.2
1945    117.5    106.2              11.3      3.0             221.4
1946    121.7    108.6              13.1      3.4             222.7
1947    110.3     96.2              14.1      3.8             233.2
1948     98.4     84.5              14.0      3.9             256.0
1949     93.2     79.1              14.1      4.2             271.1
1950     94.1     80.2              13.9      4.7             273.0
1951     79.6     66.9              12.8      4.6             320.6
1952     74.3     61.6              12.7      4.8             348.6
1953     71.3     58.6              12.8      4.9             372.9
1954     71.8     59.5              12.3      5.3             377.3
1955     69.5     57.4              12.1      5.4             394.6
1956     63.8     52.0              11.8      5.3             427.2
1957     60.5     48.7              11.8      5.2             450.3
1958     60.7     49.2              11.6      5.2             460.5
1959     58.5     47.8              10.7      4.7             491.5
1960     56.1     45.7              10.4      4.4             517.9
1961     55.1     44.9              10.2      4.4             530.8
1962     53.4     43.7               9.7      3.9             567.6
1963     51.8     42.4               9.4      3.6             598.7
1964     49.4     40.1               9.2      3.4             640.4
1965     46.9     38.0      1.8      9.0      3.2             687.1
1966     43.6     35.0      1.5      8.6      2.9      0.1    752.9
1967     41.9     32.8      1.4      9.1      3.1      0.2    811.8
1968     42.5     33.4      1.2      9.1      3.2      0.2    866.6
1969     38.6     29.3      1.1      9.2      3.4      0.3    948.6
1970     37.6     28.0      1.4      9.7      3.7      0.3   1012.2
1971     37.8     28.1      2.9      9.7      3.8      0.3   1079.9
1972     37.0     27.4      4.2      9.6      3.7      0.3   1178.3
1973     35.7     26.1      4.5      9.6      3.4      0.4   1307.6
1974     33.6     23.9      3.9      9.7      3.2      0.6   1439.3
1975     34.7     25.3      4.2      9.4      3.1      0.7   1560.7
1976     36.2     27.5      4.0      8.7      2.6      0.7   1736.5
1977     35.8     27.8      4.8      8.0      2.0      0.7   1974.3
1978     35.0     27.4      5.5      7.6      1.6      0.7   2217.0
1979     33.2     25.6      4.8      7.6      1.3      0.7   2500.7
1980     33.3     26.1      4.5      7.2      1.2      0.7   2726.7
1981     32.6     25.8      4.3      6.7      0.9      0.7   3054.7
1982     35.2     28.6      4.4      6.6      0.6      0.8   3227.6
1983     39.9     33.1      4.7      6.8      0.9      0.6   3440.7
1984     40.7     34.0      4.6      6.7      0.8      0.7   3840.2
1985     43.9     36.4      5.4      7.5      1.0      0.8   4141.5
1986     48.1     39.4      6.0      8.6      1.0      1.1   4412.4
1987     50.5     40.7      6.0      9.8      1.4      1.2   4647.1
1988     51.9     41.0      6.9     11.0      2.1      1.4   5008.6
1989     53.1     40.6      7.3     12.5      2.9      1.8   5400.5
1990     55.9     42.0      7.7     13.9      3.7      1.9   5735.4
1991     60.6     45.3      8.0     15.3      4.5      2.1   5935.1
1992     64.1     48.1      8.6     16.1      5.1      2.2   6239.9
1993     66.2     49.4      9.0     16.8      5.6      2.3   6575.5
1994     66.7     49.3      9.4     17.4      6.1      2.2   6961.3
1995     67.2     49.2     10.9     18.0      6.6      2.0   7325.8
1996     67.3     48.5     12.9     18.8      7.1      2.0   7694.1
1997     65.6     46.1     15.0     19.5      7.7      1.8   8182.4
1998     63.5     43.1     14.2     20.4      8.5      1.8   8627.9
1999     61.4     39.8     14.0     21.6      9.4      2.0   9125.3
2000     58.0     35.1     10.9     22.9     10.4      2.2   9709.8
2001     57.4     33.0     10.0     24.4     11.6      2.4  10057.9
2002     59.7     34.1     11.6     25.6     12.8      2.6  10377.4
2003     62.5     36.2     13.5     26.3     13.7      2.6  10808.6
2004     64.0     37.4     15.6     26.6     14.2      2.5  11499.9
2005     64.6     37.5     15.8     27.1     14.8      2.4  12237.9
2006     64.9     37.1     15.6     27.8     15.3      2.6  13015.5
2007     65.5     36.8     16.4     28.6     16.0      2.6  13667.5

2008*    67.5     37.9              29.5     16.6      2.6  14311.5
2009*    69.3     39.0              30.3     17.2      2.6  15027.0
2010*    69.4     38.2              31.2     17.8      2.6  15792.0
2011*    69.1     37.0              32.1     18.4      2.6  16580.2
2012*    68.2     35.1              33.1     18.9      2.8  17395.0
2013*    67.3     33.4              33.9     19.3      2.9  18243.3

       FEDERAL DEBT PROJECTIONS FROM PRIOR BUDGET: 2007-2012
                        (percentage of GDP)

                                 Federal   Social                  
        Gross   Public  Foreign    Gov't Security Medicare      GDP
Year     Debt     Debt     Debt Accounts     Debt     Debt   ($bil)
----  -------  -------  ------- -------- -------- --------  -------
2007*    65.5     36.9              28.5     15.8      2.6  13761.2
2008*    66.0     36.8              29.1     16.5      2.7  14515.0
2009*    66.2     36.3              30.0     17.1      2.7  15306.4
2010*    66.0     35.2              30.8     17.8      2.8  16112.4
2011*    65.6     33.9              31.7     18.5      2.8  16937.8
2012*    64.6     32.1              32.5     19.0      2.9  17786.0

      CHANGE IN DEBT PROJECTIONS FROM PRIOR BUDGET: 2007-2012
                        (percentage of GDP)

                                 Federal   Social                  
        Gross   Public  Foreign    Gov't Security Medicare      GDP
Year     Debt     Debt     Debt Accounts     Debt     Debt   ($bil)
----  -------  -------  ------- -------- -------- --------  -------
2007      0.0     -0.1               0.1      0.1      0.0    -93.7
2008      1.5      1.1               0.4      0.1      0.0   -203.5
2009      3.1      2.7               0.4      0.1     -0.1   -279.4
2010      3.3      3.0               0.4      0.0     -0.1   -320.4
2011      3.5      3.1               0.4     -0.1     -0.1   -357.6
2012      3.6      3.0               0.6      0.0     -0.1   -391.0

* estimated

Note: Gross Debt equals debt held by the public (called Public Debt
      above) plus debt held by federal government accounts;
      Social Security includes Old-Age and Survivors Insurance Fund (OAS)
      and Disability Insurance Fund (DI); Medicare includes Hospital
      Insurance Fund (HI) and Supplementary Medical Insurance Fund (SMI)
Source: Budget of the United States Government, FY 2009: Historical Tables,
        tables 7.1, 10.1, 13.1

=============================================================================

Among the points that the above tables illustrate are the following:

1) The gross federal debt has dropped from 67.3 to 65.5 percent of GDP
   since 1996 but is still more than double the 32.6 percent of GDP that
   it was at in 1981.  The relative size of the debt is more critical than
   that of the deficit since it is the debt, not the deficit, that we are
   paying interest on and are obligated to pay back.

2) The gross federal debt is projected to peak at 69.4 percent of GDP in
   2010.  This will be its highest level since 1955.  It is then projected
   to drop back to 67.3 percent of GDP by 2013.  In actual dollars, the
   gross federal debt is projected to increase by about $3.3 trillion over
   the next six years or about $554 billion per year.

3) The foreign holdings of federal debt increased sharply from 19.1
   percent of the public debt in 1994 to 35.3 percent in 1999.  It then
   dropped to a low of 30.3 percent of the public debt in 2001 and is now
   back up to a new record high of 44.5 percent.  In actual dollars, the
   foreign-held public debt has more than doubled since 2001.

4) From 2001 to 2007, the total public debt increased $1.716 trillion and
   the foreign-held public debt increased $1.235 trillion.  Hence, in
   effect, about 72 percent of the total increase in the public debt
   since 2001 has been borrowed from foreign sources.

5) From 1994 to 2007, the total public debt increased $1.602 trillion and
   the foreign-held public debt increased $1.585 trillion.  Hence, in
   effect, about 99 percent of the total increase in the public debt
   since 1994 has been borrowed from foreign sources.

6) Even with the surpluses in 1998 through 2001 and the projected
   surpluses in 2012 and 2013, the gross debt has steadily increased and
   will continue to increase every year.  This is because the reported
   deficit does not include monies borrowed from government accounts.
   The following table shows the debts projected to be held by those
   accounts in 2009.

================================================================================
            DEBT HELD BY GOVERNMENT ACCOUNTS (billions of dollars)

                                   Investment or disinvestment   Holdings
                                  ------------------------------   end of
                                     2007   % of    2008    2009     2009  % of
Description                        actual  total    est.    est.     est.  total
---------------------------------- ------  -----  ------  ------  -------  -----
Old-age and survivors trust fund..  175.1   59.7   187.7   201.7   2357.6   51.7
Civil service retirement & disabil   11.7    4.0    31.8    33.4    766.9   16.8
Hospital insurance trust fund.....   17.2    5.9    -5.3    10.9    324.9    7.1
Military retirement trust fund....    8.4    2.9    25.2    32.6    248.0    5.4
Disability insurance trust fund...   11.7    4.0     4.1     3.4    221.3    4.9
Medicare-eligible retiree health..   19.5    6.6    41.7    25.5    159.4    3.5
Unemployment trust fund...........    8.7    3.0     9.1     8.0     92.0    2.0
Supplementary medical insurance...    6.2    2.1     9.5     7.6     56.3    1.2
Federal Deposit Insurance Corp....    1.5    0.5     2.0     3.1     55.8    1.2
Employees life ins & health benfts    2.8    0.9     1.6     1.7     52.1    1.1
Postal Service retiree health fund   25.5    8.7     6.8     6.9     39.2    0.9
Housing and Urban Development.....    0.7    0.3     0.1     0.2     31.5    0.7
Nuclear waste disposal fund.......    1.3    0.5     0.9     0.9     21.8    0.5
Exchange stabilization fund.......    0.7    0.2     0.9     0.9     18.2    0.4
Foreign service retirement & disab    0.5    0.2     0.5     0.5     15.4    0.3
Pension Benefit Guaranty Corp.....   -0.5   -0.2    -0.1     0.1     14.5    0.3
Veteran affairs life insurance....   -0.4   -0.1    -0.5    -0.5     10.7    0.2
Highway and Airport trust funds...    1.4    0.5    -4.9    -7.5      8.6    0.2
Other government accounts.........    1.2    0.4    -0.6     2.0     62.9    1.4
--------------------------------------------------------------------------------
Total investment in Federal debt..  293.2  100.0   310.2   331.4   4557.3  100.0

Source: Budget of the United States Government, FY 2009,
        Analytical Perspectives, page 236, table 16-4

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