What state owes the most debt?
Table of Contents
- 1 What state owes the most debt?
- 2 What states take the most money from the federal government?
- 3 Which states are not in debt?
- 4 Which state has the lowest debt per capita?
- 5 What if the government defaults on its debt?
- 6 Who is responsible for the federal government’s debt?
- 7 What is the government’s $20 trillion debt?
- 8 How do you rank the US states on the debt table?
What state owes the most debt?
New York New York has the highest debt of any state, with total debt of over $203.77 billion.
What states take the most money from the federal government?
State Federal Dependency Ranking
| Rank | State | Fed Fund \% of State Revenues |
|---|---|---|
| 1 | New Mexico | 25.94\% |
| 2 | West Virginia | 27.18\% |
| 3 | Mississippi | 27.10\% |
| 4 | Alaska | 28.64\% |
WHO reports the national debt?
the U.S. Treasury
The public debt is calculated daily. After receiving end-of-day reports from about 50 different sources, such as Federal Reserve Bank branches, regarding the number of securities sold and redeemed that day, the U.S. Treasury calculates the total public debt outstanding, which is released the following morning.
Which states are not in debt?
States With the Least Debt in 2020 Mountain states, such as Idaho, Montana, Utah and Wyoming made the top-10 list, as did upper Midwest states like Nebraska, North Dakota and South Dakota. Alaska takes the No. 1 spot, with a tiny debt ratio of only 14.2\%.
Which state has the lowest debt per capita?
Wyoming
While New York leads the country in terms of per capita government debt, at $18,411 per person, California, the most populous state, has the largest amount of total debt, at $507 billion. Conversely, Wyoming has both the lowest amount of total and per capita debt, at about $2 billion or $3,437 per person.
Who does the United States owe the national debt to?
Public Debt The public holds over $22 trillion of the national debt. 1 Foreign governments hold a large portion of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and savings bonds.
What if the government defaults on its debt?
What happens if the U.S. defaults? If Congress doesn’t suspend or raise the debt ceiling, the government would not be able to borrow additional funds to meet its obligations, including interest payments to bondholders. The dollar’s value could collapse, and the U.S. economy would most likely sink back into recession.
Who is responsible for the federal government’s debt?
Ultimately, taxpayers are responsible for all these bodies’ debts. The federal government’s financial obligations total about $120 trillion. U.S. state and local governments officially owe $3 trillion and have another $5 trillion in unfunded liabilities themselves.
How does New York’s debt compare to other states?
With total assets worth about $106.61 billion, New York’s debt ratio is actually lower than many states with better net positions. A big source of debt in Illinois are pension obligations.
What is the government’s $20 trillion debt?
The $20 trillion debt is the portion of the government’s financial obligation that is legally binding. The other portion, the government’s unfunded liabilities, is money the government has promised to people but will not be able and isn’t legally required to pay.
How do you rank the US states on the debt table?
You can rank the table by any of the individual factors as well. States are ranked from 1 to 50, 1 being the state with the most debt and 50 the least debt. All 50 U.S. states including their total assets, total liabilities, deferred outflows and inflows of resources, net position and debt ratio.