Posted on 13-10-2003
US
Gross External Debt More Than $6 Trillion
By Reuters, 8 October 2003
U.S. debt owed to foreign governments, central
banks, private banks and other investors topped $6 trillion
in the quarter ended June 30, the Treasury Department said on
Wednesday.
Of that, about $1.270 trillion in principal
and another $53.73 billion in interest is due within the next
3 months, according to a new report on the U.S. external debt
position issued by Treasury.
"The overall magnitude of U.S. indebtedness
to foreigners and some of the major components are already well
known. This presentation provides more detail," Treasury
said in announcing it was publishing quarterly data on external
debt, broken down by type of creditor, how the debt is denominated
and the expected payment schedule.
The report shows the extent to which the
United States remains dependent on foreign investment. Even
for an economy totaling $10.803 trillion annually, the $6.357
trillion in external debt is a hefty 58.8 percent of gross domestic
product.
By comparison, the U.S. government takes
in about $2 trillion annually in taxes and fees, and the anticipated
2003 budget gap of around $400 billion would be about 3.7 percent
of the overall economy.
Treasury said it was publishing the report
as part of an effort to come into compliance with the Special
Data Dissemination System guidelines issued by the International
Monetary Fund to encourage transparency in global finance.
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