Who owns most of United States debt?

- Domestic investors: The largest domestic holder of U.S. debt is the Federal Reserve, which owns over $2.5 trillion in U.S. Treasury securities. Other major domestic holders include commercial banks, mutual funds, and pension funds.

- Foreign investors: Foreign investors hold over $7 trillion in U.S. debt. The largest foreign holders of U.S. debt are Japan, China, and the United Kingdom.

- State and local governments: State and local governments hold over $1 trillion in U.S. debt.

- Federal agencies: Federal agencies hold over $500 billion in U.S. debt.