As an expert in the field of economics and finance, I can provide an in-depth explanation of the United States' national debt and to whom it is owed. The national debt of the United States is a complex and multifaceted issue, and understanding it requires an understanding of the various entities to which the debt is owed.

The United States national debt, which is the total public debt of the U.S. government, is a combination of intragovernmental holdings and debt held by the public. The intragovernmental holdings are essentially the obligations that the government has to itself, such as the Social Security Trust Fund and other federal programs. These are considered internal because they are owed to different parts of the government rather than external entities.

The debt held by the public is where the situation becomes more complex. This debt is made up of various types of securities, including Treasury bonds, bills, and notes, which are sold to a wide range of investors. These investors can be domestic or foreign entities, including other governments, corporations, and individual investors.

When we talk about the United States owing money to other countries, we are primarily referring to this debt held by the public. As of my last update, the U.S. does indeed owe a significant portion of its debt to foreign entities. However, the specific figures can fluctuate over time due to various economic activities and transactions.

The reference to owing about $5 trillion to the Federal government is a bit misleading. It's more accurate to say that the U.S. government owes this amount to various government accounts and trust funds, which are considered part of the intragovernmental debt. This is essentially the government's internal debt to itself, which is different from the debt it owes to external parties.

As for the debt owed to other countries, it's true that a portion of the public debt is held by foreign nations. China is often mentioned as a significant holder of U.S. debt, and while it is one of the largest foreign holders, it is not the only one. The total amount of debt held by China, as mentioned, is around $1.3 trillion. However, it's important to note that this figure can change as China, like any other investor, can buy or sell U.S. debt securities.

It's also worth mentioning that the U.S. national debt is not a static number; it is dynamic and changes regularly as new debt is issued and old debt is paid off. The U.S. Treasury manages the issuance of new debt and the repayment of existing debt through a variety of mechanisms, including auctions for new securities and the reinvestment of maturing securities.

In conclusion, the United States' national debt is a complex financial instrument that is owed to a variety of entities, both domestic and foreign. It is managed by the U.S. Treasury and is subject to the ebb and flow of economic activity and fiscal policy. While it is true that a significant portion of the debt is owed to foreign entities, including China, it is also important to understand that the U.S. government is a significant creditor to itself through intragovernmental holdings.

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We owe a big chunk of the money -- about $5 trillion -- to the Federal government. So if there ever were a default (hopefully there won't be) the government would also be stiffing itself. We owe about $5 trillion to other countries, including China. The total debt to China is only $1.3 trillion.Oct 11, 2013read more >>