http://useconomy.about.com/od/monetarypolicy/f/Who-Owns-US-National-Debt.htm
Intragovernmental Holdings - Nearly 30% of the Federal debt is owed to about 230 other Federal agencies.
Why would the government owe money to itself? Some agencies, like the
Social Security Trust Fund, take in more revenue from taxes than they
need right now. Rather than stick this cash under a giant mattress,
they buy U.S. Treasuries with it.
This effectively transfers their
excess cash to the general fund, where it can be spent. Of course, one
day they will redeem their Treasury notes for cash. The Federal
government will either need to raise taxes, or issue more debt, to give
the agencies the cash they will need.
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