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Debt shapes our economy in ways most people never consider. Every mortgage payment, every Treasury bond purchase, and every credit card swipe connects to a vast web of borrowing that keeps America running.
The numbers are staggering. As of March 2025, the U.S. federal government owes $36.56 trillion. That’s over $106,000 for every American. Meanwhile, private debt – what households and businesses owe – totals even more.
But here’s what may be surprising: these debts work completely differently. When you can’t pay your credit card bill, you face bankruptcy. When the government needs money, it sells bonds to investors worldwide.
What is Public Debt?
Public debt is money borrowed by governments at every level – federal, state, and local. When government spending exceeds tax revenue, officials bridge the gap by issuing securities. These are essentially IOUs promising to pay back the money with interest.
This isn’t inherently bad. Public debt funds essential services, builds infrastructure, and helps manage economic crises. The problem emerges when debt grows faster than the economy’s ability to support it.
Federal Debt: America’s $36 Trillion Tab
The national debt represents the federal government’s total financial obligations. This massive sum breaks down into two categories:
Debt Held by the Public makes up about 80% of the total – roughly $29 trillion as of December 2024. This money is owed to investors, banks, foreign governments, and even individual Americans who buy savings bonds. The Peter G. Peterson Foundation tracks these holdings, showing that over two-thirds stays within U.S. borders.
Intragovernmental Holdings account for the remaining 20%, or about $7 trillion. This represents money the government owes to itself, mainly to trust funds like Social Security and Medicare. These programs run surpluses that get invested in special Treasury securities.
How the Government Borrows Money
The U.S. Treasury issues different types of securities depending on how long it needs to borrow:
Treasury Bills mature in a year or less. You buy them at a discount and receive full value when they mature.
Treasury Notes last two to ten years and pay interest twice yearly.
Treasury Bonds stretch 20 to 30 years with the same semi-annual payments.
Treasury Inflation-Protected Securities (TIPS) adjust their value based on inflation, protecting investors from rising prices.
U.S. Savings Bonds include Series EE bonds that double in value over 20 years and Series I bonds that adjust for inflation.
Each year’s budget deficit adds to the total debt. Major spikes historically occur during wars, recessions, and crises. The COVID-19 pandemic pushed the 2020 deficit to $3.3 trillion – the largest as a percentage of GDP since World War II.
State and Local Government Debt
Beyond federal borrowing, state and local governments owed $3.17 trillion as of 2019, or about $9,700 per person. Local governments account for 63% of this total.
These governments primarily issue municipal bonds to fund schools, roads, hospitals, and utilities. “Munis” offer tax advantages – the interest is often exempt from federal taxes and sometimes state taxes too.
General Obligation Bonds are backed by the government’s full taxing power.
Revenue Bonds are secured by specific income sources like bridge tolls or utility payments.
Debt levels vary dramatically by state. California holds the most total debt at $507 billion, while New York leads in per-capita debt at $18,411. The debt-to-GDP ratio ranges from 4.9% in Wyoming to 24.7% in Kentucky.
Who Owns Government Debt?
The holders of public debt represent a diverse mix of investors seeking safe returns.
For federal debt, domestic investors own over two-thirds of the $28.7 trillion held by the public:
The Federal Reserve holds about 27% of domestic holdings – roughly $4.6 trillion. The Fed buys and sells Treasuries to influence interest rates and money supply.
Mutual funds own about 19% or $4.5 trillion.
State and local governments hold 9% or $1.6 trillion.
Banks own 9% or $1.9 trillion.
Pension funds control 5% or $1 trillion.
Insurance companies hold 3% or $700 billion.
Foreign investors own nearly one-third of publicly held debt – about $8.5 trillion. The largest foreign holders include Japan ($1.13 trillion), the United Kingdom ($779.3 billion), and China ($765.4 billion). China’s holdings have been gradually declining from earlier peaks.
Municipal bondholders typically include individual investors attracted by tax benefits, mutual funds specializing in municipal securities, and institutional investors like insurance companies and banks.
Why Governments Borrow
Governments issue debt for several key reasons:
Financing Budget Deficits represents the most common purpose. When spending exceeds revenue in any fiscal year, borrowing bridges the gap.
Funding Capital Projects allows governments to spread the cost of long-term infrastructure over multiple generations who will benefit from these investments.
Economic Management involves using borrowing and spending to stimulate the economy during downturns, as seen during the 2008 financial crisis and COVID-19 pandemic.
Managing Cash Flow helps governments handle seasonal variations in revenue and expenses.
Refinancing Existing Debt involves issuing new securities to pay off maturing ones, often at different interest rates.
Monetary Policy Support creates the deep, liquid Treasury market that the Federal Reserve needs to conduct monetary policy through open market operations.
What is Private Debt?
Private debt encompasses all borrowing by individuals, households, and businesses. This debt is larger than public debt in the U.S. and typically carries higher default risk.
As of December 2023, U.S. private debt reached 216.5% of GDP. This includes everything from your mortgage to corporate bonds issued by major companies.
Household Debt: The Personal Side
American households carried a record $18.203 trillion in debt as of Q1 2025, with the average household owing $105,056. This breaks down into several categories:
Mortgage Debt represents the largest chunk at 70% of household debt. Total mortgage debt hit $12.804 trillion in Q1 2025, with average household mortgage debt at $263,923. The median mortgage payment reached $2,205 in March 2025.
Home Equity Lines of Credit (HELOCs) add another $402 billion to housing-related debt.
Student Loan Debt totaled $1.631 trillion in Q1 2025. The average household with student loans owed $56,169 in March 2025.
Auto Loan Debt reached $1.642 trillion, with affected households averaging $37,372 in auto debt.
Credit Card Debt totaled $1.182 trillion. Households carrying revolving credit card balances averaged $10,899 as of March 2025. Delinquency rates have been rising to levels not seen since the 2008 recession.
Other Consumer Debt including personal loans amounted to $542 billion, with average personal loan debt at $11,607.
The Federal Reserve Bank of New York publishes detailed quarterly reports on household debt, while the Federal Reserve Board provides broader financial data.
Corporate Debt: Fueling Business Growth
Corporate debt refers to money borrowed by businesses ranging from small startups to multinational corporations. Companies use debt to finance operations, fund expansion, manage cash flow, and execute strategic activities like mergers or share buybacks.
Globally, corporate debt excluding financial institutions rose from 84% of gross world product in 2009 to 92% in 2019, reaching about $72 trillion. In the U.S., non-financial company debt totaled around $9.6 trillion in early 2020.
Corporate debt takes several forms:
Corporate Bonds allow companies to raise capital from investors:
- Secured Bonds are backed by specific collateral like real estate or equipment
- Unsecured Bonds (Debentures) rely only on the company’s creditworthiness
- Convertible Bonds can be exchanged for company stock under certain conditions
- Guaranteed Bonds include third-party promises to pay if the issuer defaults
Business Loans include:
- Term Loans provide lump sums repaid over set periods
- Lines of Credit offer flexible borrowing up to specified limits
- Working Capital Loans finance day-to-day operations
Commercial Paper represents short-term unsecured debt with maximum 270-day maturity, typically issued by large corporations.
Mezzanine Debt combines debt and equity features, often carrying higher interest rates with options to convert to equity if the borrower defaults.
Private Credit/Direct Lending involves non-bank lenders providing debt finance to companies, especially mid-market firms, rather than using public markets or traditional bank loans.
Companies choose between debt and equity financing based on trade-offs. Debt avoids diluting ownership but requires repayment with interest. Equity financing doesn’t require repayment but gives up ownership and often control.
Data on corporate debt is available through FINRA’s TRACE system for publicly traded bonds and Federal Reserve business finance reports.
Who Borrows Private Money?
Private debt is incurred by two main groups:
Individuals and Households borrow for homes, cars, education, and general consumption through mortgages, auto loans, student loans, credit cards, and personal loans.
Businesses from small startups to large corporations incur debt to fund operations, invest in equipment or facilities, conduct research and development, finance acquisitions, manage working capital, or buy back stock. Non-profit organizations also use debt for mission-related purposes.
Who Provides Private Credit?
The landscape of private debt providers has evolved significantly, especially since the 2008 financial crisis:
Banks and Credit Unions remain traditional lenders for mortgages, auto loans, credit cards, personal loans, and many business loans.
Non-Bank Financial Institutions represent a growing source of private credit:
- Private Debt Funds pool capital from institutional investors to lend directly to companies, particularly mid-market firms
- Business Development Companies (BDCs) are publicly traded investment companies focusing on small and mid-sized private companies
- Insurance Companies especially life insurers, invest significantly in private placement debt and increasingly partner with asset managers
Fintech and Peer-to-Peer Lenders connect borrowers directly with individual or institutional investors, often for personal or small business loans.
Retailers and Finance Companies offer store credit cards or financing for large purchases.
The rise of non-bank lenders partly resulted from increased bank regulations post-2008, making some traditional lending more restrictive or capital-intensive. Private credit offers borrowers more flexibility and customized terms compared to traditional bank loans or public debt markets.
Why People and Businesses Borrow
The motivations for taking on private debt vary significantly between households and corporations.
Households primarily borrow for:
- Housing through mortgages that enable homeownership
- Consumption Smoothing using credit cards and personal loans to manage expenses, cover emergencies, or finance large purchases
- Education via student loans viewed as investments in future earning potential
- Transportation through auto loans for vehicles necessary for work and daily life
- Life Events like job loss, divorce, or medical expenses that increase reliance on debt
Corporations take on debt for:
- Operations and Working Capital to cover payroll, inventory, and accounts payable
- Capital Investments funding new equipment, technology, facilities, or market expansion
- Mergers and Acquisitions financing company purchases
- Share Buybacks and Dividends returning money to shareholders
- Refinancing replacing expensive debt with cheaper alternatives
- Cash Flow Management bridging gaps between income and expenses
- Maintaining Control avoiding ownership dilution that comes with equity financing
- Tax Advantages since interest payments are generally tax-deductible
Low interest rates following the 2008 financial crisis encouraged increased corporate borrowing, sometimes leading to higher leverage and “zombie firms” that survive primarily by refinancing debt.
Key Differences Between Public and Private Debt
While both involve borrowing money with interest, public and private debt differ significantly in their characteristics and implications:
| Feature | Public Debt | Private Debt |
|---|---|---|
| Borrower | Governments (federal, state, local) | Individuals, households, businesses |
| Lender | Individuals, corporations, banks, investment funds, Federal Reserve, foreign governments | Banks, credit unions, private debt funds, insurance companies, individuals |
| Purpose | Finance budget deficits, public projects, economic stimulus, manage cash flow | Consumption, housing, education, business operations, investment |
| Repayment Source | Tax revenues, future government income | Household income, business profits, asset sales |
| Security/Collateral | “Full faith and credit” of government; specific revenues for some bonds | Varies: unsecured or secured by specific assets |
| Default Risk | Generally lower for sovereign debt; state/local can default | Higher, varies by borrower creditworthiness |
| Regulation | Government budgetary processes, debt ceilings, MSRB rules | SEC, CFPB, OCC, various agencies |
| Liquidity | High for federal securities; varies for municipal bonds | Generally lower, especially for private placements |
| Transparency | High for publicly issued securities | Varies; public bonds have disclosure requirements |
| Customization | Standardized terms for public securities | Can be highly customized |
| Interest Rates | Generally lower, reflecting lower perceived risk | Typically higher, reflecting higher risk |
The critical distinction is that governments, particularly sovereign ones issuing debt in their own currency, have unique powers that individuals and corporations lack. They can raise taxes and, ultimately, create money to meet obligations, though the latter carries significant inflationary risks.
This fundamental difference explains why comparing national debt to household budgets is often misleading. Private entities must rely on income, profits, or asset sales to repay debt; failure leads to bankruptcy where assets are liquidated or reorganized to satisfy creditors.
Economic Impact of Debt
Both public and private debt profoundly affect economic growth, stability, and individual well-being.
How Public Debt Affects the Economy
High public debt levels can have several economic consequences:
Interest Rates may rise when increased government borrowing competes with private borrowers for limited savings. The Congressional Budget Office estimates that each percentage point increase in the U.S. debt-to-GDP ratio boosts inflation-adjusted 10-year interest rates by two to three basis points. Higher rates make borrowing more expensive for businesses and consumers.
Inflation can result if public debt is financed by central bank money creation. Large deficits can fuel aggregate demand, potentially causing demand-pull inflation when the economy operates near capacity. High debt can also raise inflation expectations if markets fear governments might use inflation to reduce real debt values.
Economic Growth may slow due to “crowding out” effects when government borrowing absorbs capital that would otherwise finance private investment in businesses, technology, and infrastructure. Reduced private investment leads to smaller capital stock, lower productivity, and consequently slower growth and lower wages. Some studies suggest that national debt exceeding certain thresholds (like 90% of GDP) can significantly reduce annual economic growth rates.
Fiscal Flexibility decreases when large debts and high interest payments reduce government’s ability to respond to future crises, invest in priorities, or cut taxes without worsening debt burdens. Significant tax revenue gets diverted to debt service rather than public services. In FY 2023, interest payments on federal debt accounted for 10.7% of government spending.
Sovereign Default Risk while rare for countries like the U.S. that borrow in their own currency, can emerge with extremely high and unsustainable debt levels. Default consequences are severe: reduced credit access, higher borrowing costs, currency collapse, high inflation, and significant economic hardship.
However, moderate public debt levels can support economic growth by funding productive investments in infrastructure, education, and research. The key lies in sustainable debt management.
How Private Debt Affects the Economy
Private debt levels also carry significant economic implications:
Consumer Spending benefits from household debt, particularly mortgages and consumer credit, which fuels spending that drives economic growth. Credit access allows large purchases and consumption smoothing over time. However, excessive household debt makes consumers vulnerable to economic shocks like job loss or interest rate increases, leading to reduced spending, defaults, and foreclosures as witnessed during the 2008 financial crisis.
Business Investment is enabled by corporate debt, allowing companies to invest in projects, expand operations, and innovate – all contributing to economic growth, productivity, and job creation. However, high corporate leverage can increase financial fragility.
Financial Stability faces risks from rapid private debt growth, especially when coupled with declining lending standards or concentration in risky assets. The 2008 global financial crisis, triggered by subprime mortgage collapse, demonstrates these systemic risks. Credit expansion to riskier borrowers increases aggregate credit risk in the financial system.
Bankruptcy Consequences affect individuals and businesses differently:
- Personal Bankruptcy can result in property loss, damaged credit scores lasting up to 10 years, and certain non-dischargeable debts like student loans and tax liens
- Corporate Bankruptcy involves Chapter 7 liquidation (asset sales to pay creditors) or Chapter 11 reorganization (continued operations while restructuring debts), impacting shareholders, employees, suppliers, and the broader economy
The Interconnection Between Public and Private Debt
Public and private debt levels interact in complex ways:
Crowding Out/In Effects occur when high public debt raises interest rates and absorbs available capital, potentially reducing private investment. Conversely, productive government investments in infrastructure, education, and R&D can enhance private sector productivity and “crowd in” private investment.
Economic Cycles show that during downturns, private sector deleveraging occurs as households and businesses reduce spending and borrowing. Simultaneously, public debt often rises through automatic stabilizers like unemployment benefits and discretionary fiscal stimulus. This countercyclical government response cushions economic blows but substitutes private debt with public debt.
Financial Crises and Bailouts originating in private debt markets can lead to significant public debt increases. Government interventions to stabilize financial systems, bail out failing institutions, and stimulate economies involve substantial public borrowing. Excess private debt can systematically convert to higher public debt.
Interest Rate Environment affects both sectors since monetary policy influences borrowing costs across the economy. Federal Reserve actions to manage inflation or stimulate growth impact debt servicing costs and appetite for new borrowing.
Overall Economic Health depends on total debt levels (public plus private) relative to GDP as an indicator of financial vulnerability. While U.S. private debt currently exceeds public debt, both have reached historically high levels. The interplay between these debt levels and factors like economic growth, interest rates, and investor confidence shapes the overall economic landscape.
Regulation and Oversight
Both public and private debt are subject to various forms of regulation and oversight, though the nature and extent differ significantly.
Public Debt Regulation
Federal Debt regulation involves multiple entities:
The U.S. Department of the Treasury through its Bureau of the Fiscal Service manages federal finances, including issuing Treasury securities and managing cash flows. TreasuryDirect serves as the official website for purchasing and managing Treasury securities directly.
Debt Ceiling represents a statutory limit set by Congress on total federal debt outstanding. This limit requires periodic increases to allow the government to meet existing obligations. Debt ceiling debates can create market uncertainty.
Budget Process involving the President and Congress determines spending levels and tax policies, driving deficits or surpluses and borrowing needs.
The Federal Reserve while not directly regulating debt issuance, significantly impacts the federal debt market through monetary policy actions, particularly buying and selling Treasury securities.
State and Local Debt regulation includes:
The Municipal Securities Rulemaking Board (MSRB) is a self-regulatory organization overseen by the SEC that creates rules for broker-dealers, banks, and municipal advisors involved in municipal securities. The MSRB promotes fair, efficient, and transparent municipal markets through platforms like EMMA (Electronic Municipal Market Access).
State Laws govern debt issuance by state and local governments, often including voter approval requirements for new bond issues.
Private Debt Regulation
Private debt regulation is more fragmented, varying by debt type and lender:
Corporate Debt (Publicly Traded) falls under SEC oversight. The Securities Act of 1933 requires registration and detailed disclosures for public offerings, while the Securities Exchange Act of 1934 mandates ongoing reporting. The SEC’s EDGAR database provides access to these filings.
Bank Lending involves multiple regulators:
- The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks and federal savings associations, establishing lending limits for safety and diversification
- The Federal Reserve System supervises bank holding companies and state-chartered member banks
- The Federal Deposit Insurance Corporation (FDIC) insures deposits and supervises state-chartered non-member banks
Consumer Financial Protection operates through the Consumer Financial Protection Bureau (CFPB), established by the Dodd-Frank Act to regulate consumer financial products including mortgages, credit cards, student loans, and payday loans.
Private Credit Market operates with lighter regulation than public debt markets or traditional bank lending. While fund managers may require SEC registration as investment advisers, the loans themselves often bypass extensive disclosure and regulatory requirements of public offerings. This characteristic attracts some borrowers and investors but presents potential risks that regulators increasingly scrutinize.
Where to Find Debt Data
Accessing reliable data is crucial for understanding public and private debt trends.
Public Debt Data Sources
U.S. Department of the Treasury provides comprehensive debt information:
TreasuryDirect offers various public debt reports, including “Debt to the Penny” and historical debt outstanding details.
FiscalData.Treasury.gov serves as a newer platform offering extensive financial data, including national debt, deficit, federal spending, and revenue information with datasets and explainers.
USAFacts.org provides accessible data and analysis on government finances, including national debt, per-person debt, and debt-to-GDP ratios citing Treasury, Census Bureau, and Federal Reserve data.
Federal Reserve Economic Data (FRED) from the St. Louis Fed offers vast economic time series databases, including key public debt metrics like Federal Debt as a percentage of GDP.
The Congressional Budget Office (CBO) provides non-partisan analysis of budgetary and economic issues, including federal debt and deficit projections.
The Peter G. Peterson Foundation offers detailed analysis and data on fiscal issues, including breakdowns of federal debt ownership.
Private Debt Data Sources
Federal Reserve System sources include:
The Federal Reserve Bank of New York’s Center for Microeconomic Data publishes quarterly Household Debt and Credit Reports with detailed mortgage, student loan, credit card, auto loan, and delinquency data based on Equifax credit information.
The Federal Reserve Board provides statistical releases and surveys on household finance (Consumer Credit, Survey of Consumer Finances) and business finance (Commercial Paper, Finance Companies).
The Bureau of Economic Analysis (BEA) supplies GDP and economic indicator data used to calculate debt-to-GDP ratios.
FINRA through TRACE provides data on publicly traded corporate bonds and fixed-income securities.
The SEC’s EDGAR database contains publicly traded company filings with debt obligation information.
Common Questions and Misconceptions
Is the national debt the same as the budget deficit?
No. The budget deficit represents a single fiscal year’s shortfall when government spending exceeds revenues. The national debt is the total accumulation of all past deficits minus any surpluses over the nation’s history.
Think of the deficit as annual overspending and the debt as the total outstanding balance built up over many years.
Who owns the U.S. national debt?
The national debt has diverse ownership. “Debt Held by the Public” belongs to individuals, corporations, state and local governments, the Federal Reserve, and foreign governments and investors. “Intragovernmental Holdings” are held by government trust funds like Social Security.
As of December 2024, domestic holders owned over two-thirds of debt held by the public, with foreign entities holding nearly one-third.
Are government finances just like a household budget?
This common analogy is largely misleading. Here’s why:
Currency Creation: Sovereign governments borrowing in their own currency can create money to pay debts as a last resort. Households cannot print money.
Scale and Purpose: Governments manage entire economies and provide public goods. They act counter-cyclically during recessions, increasing spending when private spending falls.
Revenue Generation: Governments raise revenue through taxation. Households have limited income-increasing options.
Time Horizon: Governments have indefinite lifespans. Households have finite lifespans.
Debt Rollover: Governments routinely issue new bonds to repay maturing ones at a scale and nature different from household refinancing.
Impact of Spending Cuts: Household spending cuts don’t necessarily reduce income. Government spending cuts can reduce overall economic activity and even lower tax revenues.
“Owing it to Ourselves”: Significant portions of public debt are held domestically – money “owed to ourselves” where one part of the economy owes another.
While responsible fiscal management remains crucial, direct household analogies oversimplify complex macroeconomic realities.
Can the U.S. just print money to pay off the national debt?
Technically, the Federal Reserve could create money for the Treasury to pay debt. However, doing so on a large scale without corresponding economic output increases would likely cause severe inflation, devaluing the currency and harming the economy. This is not considered a viable solution.
Does high national debt mean the country is bankrupt?
Not necessarily. Bankruptcy is a legal state where entities cannot meet obligations. Sovereign governments borrowing in their own currency have more tools to avoid outright default than private individuals or companies.
However, very high and rising debt can trigger fiscal crises if investors lose confidence in the government’s ability to manage finances sustainably, potentially causing sharply higher interest rates and economic instability.
Is private debt riskier than public debt?
Generally, private debt is considered riskier than stable sovereign nation debt like U.S. Treasuries. Default rates on private loans and bonds are typically higher and vary widely based on borrower creditworthiness.
U.S. Treasury securities are often considered “risk-free” in default terms because the government can theoretically always meet obligations, though other risks like inflation or interest rate risk remain.
Are non-bank lenders replacing banks?
The private credit market has grown significantly with non-bank lenders playing larger roles, especially in mid-market company lending. This growth partly results from stricter post-2008 bank regulations.
However, it’s not simple replacement. Banks and non-bank lenders often coexist and collaborate. Banks frequently provide funding to private credit funds. Private credit often focuses on more complex, specialized, or higher-risk transactions that banks may be less willing to undertake.
Historical Context
Understanding past debt events provides valuable perspective on current challenges.
U.S. Public Debt History
The U.S. has carried public debt since its founding, with notable increases during wartime and economic crises:
Revolutionary War left debt at $75.5 million by 1791. Alexander Hamilton’s policies established U.S. creditworthiness.
Debt Payoff occurred only once – briefly in January 1835 under President Andrew Jackson.
Civil War saw debt soar from $65 million in 1860 to $2.7 billion post-war.
World Wars pushed debt to $22 billion after WWI and $260 billion after WWII, when the debt-to-GDP ratio hit its historical peak until the COVID-19 era.
1980s featured tax cuts and increased military spending that tripled the debt.
2008 Financial Crisis resulted in significant revenue declines and spending increases through stimulus acts, sharply raising public debt.
COVID-19 Pandemic led to unprecedented government spending and borrowing, pushing national debt and debt-to-GDP ratios to new highs exceeding WWII levels. The FY2020 deficit was the largest as a percentage of GDP since 1945.
Private Debt Crises
Private debt has also been central to major financial crises:
Savings and Loan Crisis (1980s-1990s) was caused by speculative lending, deregulation creating moral hazard, and fraud within S&Ls, leading to nearly one-third of these institutions failing. The crisis cost taxpayers $132 billion in bailouts and contributed to the 1990-91 recession.
Subprime Mortgage Crisis (2007-2008) involved housing bubble collapse financed by risky subprime lending and complex mortgage-backed securities. Lowered lending standards, predatory lending, and the originate-to-distribute model fueled the crisis. This led to mass foreclosures, major financial institution failures or bailouts, severe recession, and significant public debt increases due to government intervention and stimulus.
These historical examples show how both public and private debt can create economic vulnerability when not managed prudently, and how crises in one sector often spill over into the other, frequently resulting in increased public debt.
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