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U.S. government debt refers to the securities issued by the Department of the Treasury to fulfill the government's financial obligations. It includes several types of securities like Treasury bills (short-term), Treasury notes (medium-term), and Treasury bonds (long-term), collectively referred to as "Treasuries." The total U.S. federal debt has soared to over $35.4 trillion, with significant portions owned by various entities including foreign countries, pension funds, central banks, and domestic investors.