Well it depends. There at least three definitions of US debt. and bear in mind that Fannie and Freddie are not included in any of them. It is how and why politicians can manipulate their positions on this subject. So my friends here is what I learned.

There is total debt, debt held by the public or total future liabilities of the federal government.

Publicy held debt is the sum of the Treasury securities held by individuals, financial institutions and foreign governments (not china)

Total debt isis the sum of all federal bills, notes and bonds issued by the Treasury but not yet redeemed

total future liabilities- Treasury bonds held b y the federl governement and equal future pensions, health care sociual security ,etc that are promied under current legislation

So the next time one of these rascals starts talking about the debt listen carefully to his/her definition. and yes I do understand that by any definition we are still in hock up to our necks.