Foreign entities own about 34% of the total U.S. national debt, while federal trust funds own about 28% of it. Per the White House Office of Management and Budget: "During most of American history, the Federal debt was held almost entirely by individuals and institutions within the United States. In the late 1960s, foreign holdings were just over $10 billion, less than 5 percent of the total Federal debt held by the public. Foreign holdings began to grow significantly starting in 1970 and now represent almost half of outstanding [publicly held] debt."