The U.S. Treasury divides the U.S. government's debt into two general categories: debt held by the public and intragovernmental debt. Debt held by the public consists primarily of U.S. Treasury securitiesâ"including bills, notes and bondsâ"that the Treasury sells on the open market to everybody from individual families and investors to government entities in the Peopleâ(TM)s Republic of China.
Intragovernmental debt is money the Treasury has borrowed from the Social Security Trust Fund and other government sources to pay for current government expenses.
Under Obama, intragovernmental debt has increased only about 10 percent, starting at $4,319,566,000,000 on Jan. 20, 2009 and increasing to $4,761,904,000,000 by the close of business on Sept. 30, 2013.
What's kind of cool is how the dynamic duo of the Federal Reserve and the Treasury keep this sort of perpetual motion machine going. Don't they?