Tennessee government debt U.S. FY 2022 | Statista (2024)

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Tennessee government debt U.S. FY 2022 | Statista? ›

In the fiscal year of 2022, Tennessee's state debt stood at about 7.59 billion U.S. dollars.

U.S. state and local government outstanding debt 2021, by state. In 2021, the federal state of California had about 541.24 billion U.S. dollars of debt outstanding, the most out of any state. New York, Texas, Illinois, and Florida rounded out the top five states with the most debt outstanding in 2021.

Under the American Rescue Plan, Tennessee will receive $3.7 billion in direct state fiscal aid and $1.8 billion in local government aid from the federal government. As of November 2023, Tennessee had spent part of its ARP funds on broadband expansion, water infrastructure, and arts, culture and tourism programs.

The nation's debt, currently over $34 trillion, is rampantly growing as U.S. lawmakers have been unable to agree to long-term budget reforms that could tame it.

Idaho has the lowest per capita government debt in the nation, at $3,107.52, which accounts for 5.43% of the state's total GDP. Wyoming holds the smallest state debt as a percentage of GDP, at just 4.11%.

Nearly half of all US foreign-owned debt comes from five countries. All values are adjusted to 2023 dollars. As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

In the fiscal year of 2022, Tennessee's state debt stood at about 7.59 billion U.S. dollars. Comparatively, the state's debt was approximately 3.29 billion U.S. dollars in 2000.

The Tennessee Department of Revenue collects more than $11 billion in revenues annually. More than two-thirds of revenue come from two taxes - sales and use tax and franchise and excise tax.

Who does the US owe the most money to? ›

Who does the United States owe the most debt to? As of July 2020, Japan overtook China and became the largest foreign debt collector for the U.S. The United States currently owes Japan about $1.2 trillion according to the U.S. Treasury report.

Changing demographics of an aging population, increasing healthcare costs, and rapidly growing interest payments are the main drivers of U.S. debt.

One of the main culprits is consistently overspending. When the federal government spends more than its budget, it creates a deficit. In the fiscal year of 2023, it spent about $381 billion more than it collected in revenues. To pay that deficit, the government borrows money.

The United States pays interest on approximately $850 billion in debt held by the People's Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.

Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly (i.e., debt monetization producing significant inflation).

The $34 trillion gross federal debt includes debt held by the public as well as debt held by federal trust funds and other government accounts. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself.

A new study has revealed that California is the state where residents have the most personal debt. Research by banking experts at CreditDonkey analyzed the average mortgage debt, student debt, automobile debt and credit card debt in every state. Each metric was ranked out of 10.

The major international owners of US debt include Japan ($1.1T), China, UK, Belgium, Switzerland, Cayman Islands and smaller amounts from the rest of the world. After the recent weak treasury auction, US government officials warned that they are seeing waning demand from international buyers.