美国国债首破30万亿美元大关，规模较2018年翻倍

Core Viewpoint - The U.S. national debt market has surpassed $30 trillion for the first time, reflecting a more than doubling since 2018, with ongoing impacts from pandemic-related borrowing [5][7]. Group 1: Debt Growth and Costs - The total amount of U.S. Treasury securities, notes, and bonds grew by approximately 0.7% in November, reaching $30.2 trillion [5]. - The borrowing surge in 2020 due to pandemic-related expenditures and higher borrowing rates has significantly increased the cost of debt servicing, which is becoming a larger share of the federal deficit [7]. - In 2020, the U.S. borrowed $4.3 trillion through Treasury issuance, with a deficit exceeding $3 trillion at that time [9]. Group 2: Current Financial Dynamics - Although the deficit has contracted, primarily due to tariff revenues from imported goods, the debt servicing cost has reached $1.2 trillion [9]. - The challenge lies in interest expenditures, which are projected to remain high despite tariff revenues potentially reaching $300 billion to $400 billion, insufficient to cover existing debt interest payments [9]. - The U.S. Treasury has indicated that it is beginning to consider increasing the scale of future Treasury auctions, despite stable auction sizes over the past two years [9]. Group 3: National Debt Overview - The total national debt reached $38.4 trillion in November, which includes obligations to the Social Security Trust Fund and savings bondholders [10]. - The statutory debt ceiling is set at $41.1 trillion, applicable to the total debt amount [10].