<P> The US has never fully defaulted . </P> <P> In April 1979, however, the United States may have technically defaulted on $122 million in Treasury bills, which was less than 1% of U.S. debt . The Treasury Department characterized it as a delay rather than as a default, but it did have consequences for short - term interest rates, which jumped 0.6% . Others view it as a temporary, partial default . </P> <Table> <Tr> <Th> Fiscal year </Th> <Th> Total debt </Th> <Th> Total debt as% of GDP </Th> <Th> Public debt </Th> <Th> Public debt as% of GDP </Th> <Th> GDP ($billions) </Th> </Tr> <Tr> <Th> 1910 </Th> <Td> 2.65 / - </Td> <Td> 8.1% </Td> <Td> 2.65 </Td> <Td> 8.1% </Td> <Td> est . 32.8 </Td> </Tr> <Tr> <Th> 1920 </Th> <Td> 25.95 / - </Td> <Td> 29.2% </Td> <Td> 25.95 </Td> <Td> 29.2% </Td> <Td> est . 88.6 </Td> </Tr> <Tr> <Th> 1927 </Th> <Td> 18.51 / - </Td> <Td> 19.2% </Td> <Td> 18.51 </Td> <Td> 19.2% </Td> <Td> est . 96.5 </Td> </Tr> <Tr> <Th> 1930 </Th> <Td> 16.19 / - </Td> <Td> 16.6% </Td> <Td> 16.19 </Td> <Td> 16.6% </Td> <Td> est . 97.4 </Td> </Tr> <Tr> <Th> 1940 </Th> <Td> 42.97 / 50.70 </Td> <Td> 43.8--51.6% </Td> <Td> 42.77 </Td> <Td> 43.6% </Td> <Td> - / 98.2 </Td> </Tr> <Tr> <Th> 1950 </Th> <Td> 257.3 / 256.9 </Td> <Td> 92.0% </Td> <Td> 219.0 </Td> <Td> 78.4% </Td> <Td> 279.0 </Td> </Tr> <Tr> <Th> 1960 </Th> <Td> 286.3 / 290.5 </Td> <Td> 53.6--54.2% </Td> <Td> 236.8 </Td> <Td> 44.3% </Td> <Td> 535.1 </Td> </Tr> <Tr> <Th> 1970 </Th> <Td> 370.9 / 380.9 </Td> <Td> 35.4--36.4% </Td> <Td> 283.2 </Td> <Td> 27.0% </Td> <Td> 1,049 </Td> </Tr> <Tr> <Th> 1980 </Th> <Td> 907.7 / 909.0 </Td> <Td> 32.4--32.6% </Td> <Td> 711.9 </Td> <Td> 25.5% </Td> <Td> 2,796 </Td> </Tr> <Tr> <Th> 1990 </Th> <Td> 3,233 / 3,206 </Td> <Td> 54.2--54.6% </Td> <Td> 2,400 </Td> <Td> 40.8% </Td> <Td> 5,915 </Td> </Tr> <Tr> <Th> 2000 </Th> <Td> 5,659 </Td> <Td> 55.8% </Td> <Td> 3,450 </Td> <Td> 33.9% </Td> <Td> 10,150 </Td> </Tr> <Tr> <Th> 2001 </Th> <Td> 5,792 </Td> <Td> 54.8% </Td> <Td> 3,350 </Td> <Td> 31.6% </Td> <Td> 10,550 </Td> </Tr> <Tr> <Th> 2002 </Th> <Td> 6,213 </Td> <Td> 57.1% </Td> <Td> 3,550 </Td> <Td> 32.7% </Td> <Td> 10,900 </Td> </Tr> <Tr> <Th> 2003 </Th> <Td> 6,783 </Td> <Td> 59.9% </Td> <Td> 3,900 </Td> <Td> 34.6% </Td> <Td> 11,350 </Td> </Tr> <Tr> <Th> </Th> <Td> 7,379 </Td> <Td> 61.0% </Td> <Td> 4,300 </Td> <Td> 35.6% </Td> <Td> 12,100 </Td> </Tr> <Tr> <Th> 2005 </Th> <Td> 7,918 </Td> <Td> 61.4% </Td> <Td> 4,600 </Td> <Td> 35.7% </Td> <Td> 12,900 </Td> </Tr> <Tr> <Th> 2006 </Th> <Td> 8,493 </Td> <Td> 62.1% </Td> <Td> 4,850 </Td> <Td> 35.4% </Td> <Td> 13,700 </Td> </Tr> <Tr> <Th> 2007 </Th> <Td> 8,993 </Td> <Td> 62.8% </Td> <Td> 5,050 </Td> <Td> 35.3% </Td> <Td> 14,300 </Td> </Tr> <Tr> <Th> 2008 </Th> <Td> 10,011 </Td> <Td> 67.9% </Td> <Td> 5,800 </Td> <Td> 39.4% </Td> <Td> 14,750 </Td> </Tr> <Tr> <Th> 2009 </Th> <Td> 11,898 </Td> <Td> 82.5% </Td> <Td> 7,550 </Td> <Td> 52.4% </Td> <Td> 14,400 </Td> </Tr> <Tr> <Th> </Th> <Td> 13,551 </Td> <Td> 91.6% </Td> <Td> 9,000 </Td> <Td> 61.0% </Td> <Td> 14,800 </Td> </Tr> <Tr> <Th> 2011 </Th> <Td> 14,781 </Td> <Td> 96.1% </Td> <Td> 10,150 </Td> <Td> 65.8% </Td> <Td> 15,400 </Td> </Tr> <Tr> <Th> 2012 </Th> <Td> 16,059 </Td> <Td> 100.2% </Td> <Td> 11,250 </Td> <Td> 70.3% </Td> <Td> 16,050 </Td> </Tr> <Tr> <Th> 2013 </Th> <Td> 16,732 </Td> <Td> 101.3% </Td> <Td> 12,000 </Td> <Td> 72.6% </Td> <Td> 16,500 </Td> </Tr> <Tr> <Th> 2014 </Th> <Td> 17,810 </Td> <Td> 103.4% </Td> <Td> 12,800 </Td> <Td> 74.2% </Td> <Td> 17,200 </Td> </Tr> <Tr> <Th> 2015 </Th> <Td> 18,138 </Td> <Td> 101.3 / 101.8% </Td> <Td> 13,100 </Td> <Td> 73.3% </Td> <Td> 17,900 </Td> </Tr> <Tr> <Th> 2016 (Oct.' 15--Jul.' 16 only) </Th> <Td> ~ 19,428 </Td> <Td> ~ 106.1% </Td> <Td> ~ 13,998 </Td> <Td> ~ 76.5% </Td> <Td> </Td> </Tr> </Table> <Tr> <Th> Fiscal year </Th> <Th> Total debt </Th> <Th> Total debt as% of GDP </Th> <Th> Public debt </Th> <Th> Public debt as% of GDP </Th> <Th> GDP ($billions) </Th> </Tr>

In 2009 the us federal debt held by the public was