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US Gross External Debt
Now More Than $6 Trillion!
10-10-3

WASHINGTON (Reuters) -- 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. The report can be found at http://www.treas.gov/tic/external-debt.html.
 
Copyright © 2003 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
 
http://biz.yahoo.com/rf/031008/economy_treasury_debt_1.html
 

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