Historical Budget Data and budget projections · debt held by the public and the deficit, as a share of GDP

How big is the US federal debt compared with the economy?

Name: Federal debt held by the public and the deficit, as a share of GDP, each year
Creator: Congressional Budget Office
License: https://creativecommons.org/licenses/by/4.0/

As of 4 October 2026, the Congressional Budget Office's newest data has debt held by the public at 99.4% of GDP and the deficit at 5.8% of GDP in fiscal 2025.

DebtDeficit

Debt held by the public as a share of GDP, each fiscal year

Fiscal 1962 to Fiscal 2025As the Congressional Budget Office publishes them, February 2026 release

All10Y

FromTo

0.0%25.0%50.0%75.0%19701980199020002010202099.4%

1962 · 42.3%1963 · 41.1%1964 · 38.8%1965 · 36.8%1966 · 33.8%1967 · 31.9%1968 · 32.3%1969 · 28.4%1970 · 27.1%1971 · 27.1%1972 · 26.5%1973 · 25.2%1974 · 23.2%1975 · 24.6%1976 · 26.7%1977 · 27.1%1978 · 26.7%1979 · 25.0%1980 · 25.5%1981 · 25.2%1982 · 27.9%1983 · 32.2%1984 · 33.1%1985 · 35.3%1986 · 38.5%1987 · 39.6%1988 · 39.9%1989 · 39.4%1990 · 40.9%1991 · 44.1%1992 · 46.8%1993 · 47.9%1994 · 47.8%1995 · 47.7%1996 · 47.0%1997 · 44.6%1998 · 41.7%1999 · 38.3%2000 · 33.7%2001 · 31.5%2002 · 32.7%2003 · 34.7%2004 · 35.7%2005 · 35.8%2006 · 35.4%2007 · 35.2%2008 · 39.2%2009 · 52.2%2010 · 60.6%2011 · 65.5%2012 · 70.0%2013 · 71.8%2014 · 73.3%2015 · 72.2%2016 · 76.0%2017 · 75.7%2018 · 77.1%2019 · 78.9%2020 · 98.5%2021 · 96.7%2022 · 94.9%2023 · 95.8%2024 · 97.4%2025 · 99.4%

The federal deficit as a share of GDP, each fiscal year

Fiscal 1962 to Fiscal 2025As the Congressional Budget Office publishes them, February 2026 release

All10Y

FromTo

-5.0%0.0%10.0%15.0%1970198019902000201020205.8%

1962 · 1.2%1963 · 0.8%1964 · 0.9%1965 · 0.2%1966 · 0.5%1967 · 1.0%1968 · 2.8%1969 · -0.3%1970 · 0.3%1971 · 2.1%1972 · 1.9%1973 · 1.1%1974 · 0.4%1975 · 3.3%1976 · 4.1%1977 · 2.7%1978 · 2.6%1979 · 1.6%1980 · 2.6%1981 · 2.5%1982 · 3.9%1983 · 5.9%1984 · 4.7%1985 · 5.0%1986 · 4.9%1987 · 3.1%1988 · 3.0%1989 · 2.7%1990 · 3.7%1991 · 4.4%1992 · 4.5%1993 · 3.8%1994 · 2.8%1995 · 2.2%1996 · 1.4%1997 · 0.3%1998 · -0.8%1999 · -1.3%2000 · -2.3%2001 · -1.2%2002 · 1.5%2003 · 3.3%2004 · 3.4%2005 · 2.5%2006 · 1.8%2007 · 1.1%2008 · 3.1%2009 · 9.8%2010 · 8.7%2011 · 8.4%2012 · 6.7%2013 · 4.1%2014 · 2.8%2015 · 2.4%2016 · 3.1%2017 · 3.4%2018 · 3.8%2019 · 4.6%2020 · 14.7%2021 · 12.0%2022 · 5.4%2023 · 6.2%2024 · 6.3%2025 · 5.8%

Each point is one fiscal year of the Congressional Budget Office's historical budget data, as CBO publishes it. Pointing at the chart shows the fiscal year and the value.

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Debt held by the public99.4%
Deficit5.8%

Inspect and compare years

The newest fiscal year beside the fiscal year before it and earlier ones. Every fiscal year is in the table under "The numbers behind the chart".

Federal debt held by the public and the deficit, as a share of GDP: the newest fiscal year beside earlier ones
Measure	Latest, fiscal 2025	The year before, fiscal 2024	Five years earlier, fiscal 2020	Ten years earlier, fiscal 2015
Debt held by the public	99.4%	97.4%	98.5%	72.2%
Deficit	5.8%	6.3%	14.7%	2.4%

The table scrolls sideways; the first column stays in place.

Observed 4 Oct 2026.

Right nowThe comparison is ours

Debt held by the public as a share of GDP was 99.4% in fiscal 2025, the highest since our record begins in fiscal 1962 (ours).

The federal deficit as a share of GDP was 5.8% in fiscal 2025, the lowest since fiscal 2022 (ours).

See every fiscal year since 1962

Where each line standsThe comparison is ours

Each line in its newest fiscal year, the fiscal year before and the last fiscal year it was higher and lower than in the newest (ours)
Measure	Newest	Value	Year before	Last higher	Last lower
Debt held by the public	Fiscal 2025	99.4%	97.4%	None since fiscal 1962	Fiscal 2024
Deficit	Fiscal 2025	5.8%	6.3%	Fiscal 2024	Fiscal 2022

The table scrolls sideways; the first column stays in place.

See every fiscal year of every line

CBO's ten-year budget baselineNot our forecast

Congressional Budget Office, CBO's ten-year budget baseline, February 2026 release, stored here on 4 October 2026. These are CBO's estimates, not ours.

DebtDeficit

Debt held by the public as a share of GDP in CBO's ten-year baseline

Fiscal 2025 to Fiscal 2036Congressional Budget Office, February 2026 release. Not our forecast

FromTo

The federal deficit in CBO's ten-year baseline

Fiscal 2025 to Fiscal 2036Congressional Budget Office, February 2026 release. Not our forecast

FromTo

Each point is one fiscal year of the Congressional Budget Office's February 2026 release: CBO's estimate, or a fiscal year it counts as actual. Not our forecast. Pointing at the chart shows the fiscal year and the value.

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Debt held by the public120.2%
Deficit$3,115 billion

The numbers as a table

Observed 4 Oct 2026.

Congressional Budget Office, CBO's ten-year budget baseline, February 2026 release: the realised fiscal year and the first and last fiscal year it projects. CBO's estimates, not ours
Measure	Fiscal 2025, actual	Fiscal 2026	Fiscal 2036
Debt held by the public	99.4%	100.6%	120.2%
Deficit	$1,775 billion	$1,853 billion	$3,115 billion

See every fiscal year of this release

CBO's long-term budget projectionsNot our forecast

Congressional Budget Office, CBO's long-term budget projections, February 2026 release, stored here on 4 October 2026. These are CBO's estimates, not ours.

DebtDeficit

Debt as a share of GDP in CBO's long-term projections

Fiscal 2026 to Fiscal 2056Congressional Budget Office, February 2026 release. Not our forecast

FromTo

0.0%50.0%100.0%150.0%203020352040204520502055175.1%190.2%

2026 Debt held by the public 100.6% Gross federal debt 123.6%2027 Debt held by the public 102.1% Gross federal debt 123.9%2028 Debt held by the public 104.1% Gross federal debt 124.9%2029 Debt held by the public 105.8% Gross federal debt 125.5%2030 Debt held by the public 107.7% Gross federal debt 126.2%2031 Debt held by the public 109.6% Gross federal debt 126.8%2032 Debt held by the public 111.5% Gross federal debt 127.8%2033 Debt held by the public 114.0% Gross federal debt 130.1%2034 Debt held by the public 116.2% Gross federal debt 132.2%2035 Debt held by the public 118.0% Gross federal debt 134.2%2036 Debt held by the public 120.2% Gross federal debt 136.4%2037 Debt held by the public 122.4% Gross federal debt 138.6%2038 Debt held by the public 124.7% Gross federal debt 140.8%2039 Debt held by the public 127.1% Gross federal debt 143.2%2040 Debt held by the public 129.4% Gross federal debt 145.5%2041 Debt held by the public 131.7% Gross federal debt 147.9%2042 Debt held by the public 134.2% Gross federal debt 150.3%2043 Debt held by the public 136.6% Gross federal debt 152.7%2044 Debt held by the public 139.2% Gross federal debt 155.3%2045 Debt held by the public 141.8% Gross federal debt 157.8%2046 Debt held by the public 144.5% Gross federal debt 160.4%2047 Debt held by the public 147.3% Gross federal debt 163.2%2048 Debt held by the public 150.1% Gross federal debt 165.9%2049 Debt held by the public 153.0% Gross federal debt 168.8%2050 Debt held by the public 156.0% Gross federal debt 171.7%2051 Debt held by the public 159.0% Gross federal debt 174.6%2052 Debt held by the public 162.2% Gross federal debt 177.6%2053 Debt held by the public 165.3% Gross federal debt 180.7%2054 Debt held by the public 168.5% Gross federal debt 183.9%2055 Debt held by the public 171.8% Gross federal debt 187.0%2056 Debt held by the public 175.1% Gross federal debt 190.2%

The lines

Debt held by the public175.1%
Gross federal debt190.2%

The federal deficit as a share of GDP in CBO's long-term projections

Fiscal 2026 to Fiscal 2056Congressional Budget Office, February 2026 release. Not our forecast

FromTo

0.0%2.5%5.0%7.5%10.0%2030203520402045205020559.1%

2026 · 5.8%2027 · 5.7%2028 · 5.6%2029 · 6.0%2030 · 5.9%2031 · 5.9%2032 · 6.1%2033 · 6.3%2034 · 6.5%2035 · 6.6%2036 · 6.7%2037 · 6.7%2038 · 6.8%2039 · 6.9%2040 · 6.9%2041 · 7.0%2042 · 7.2%2043 · 7.3%2044 · 7.5%2045 · 7.6%2046 · 7.7%2047 · 7.8%2048 · 8.0%2049 · 8.1%2050 · 8.2%2051 · 8.4%2052 · 8.6%2053 · 8.7%2054 · 8.8%2055 · 9.0%2056 · 9.1%

Select a line to follow

Debt held by the public175.1%
Gross federal debt190.2%
Deficit9.1%

The numbers as a table

Observed 4 Oct 2026.

Congressional Budget Office, CBO's long-term budget projections, February 2026 release: the first and last fiscal year it projects. CBO's estimates, not ours
Measure	Fiscal 2026	Fiscal 2056
Debt held by the public	100.6%	175.1%
Gross federal debt	123.6%	190.2%
Deficit	5.8%	9.1%

See every fiscal year of this release

Understanding debt held by the public

Where it stands today

Debt held by the public as a share of GDP was 99.4% in fiscal 2025.

What do these figures measure?

Debt held by the public is the part of the federal debt that people and institutions outside the federal government's own accounts hold: Treasury bills, notes and bonds owned by households, businesses, banks, state and local governments, foreign owners and the Federal Reserve. It leaves out the debt the Treasury owes to federal trust funds, such as those of Social Security.

GDP, gross domestic product, is the value of what the US economy produces in a year. The Congressional Budget Office (CBO) divides the debt at the end of each fiscal year by that year's GDP. A fiscal year runs from 1 October to 30 September and takes the number of the year it ends in: fiscal 2025 began on 1 October 2024.

The deficit is the amount by which the government's spending in a year is more than its revenue. CBO writes a deficit as a negative number; this page writes it as a positive number, and a surplus as a negative one.

What 500metrics adds: the newest year beside the year before, the last year with a higher and a lower value, and CBO's own projections, each in a box under its name and the month of its release.

The numbers behind the chart

What was each line in each fiscal year?64 fiscal years, newest first; as the Congressional Budget Office publishes them

Federal debt held by the public and the deficit, as a share of GDP, by fiscal year, newest first (Congressional Budget Office, February 2026 release)
Fiscal year	Debt held by the public (% of GDP)	Deficit (% of GDP)
Fiscal 2025	99.4	5.8
Fiscal 2024	97.4	6.3
Fiscal 2023	95.8	6.2
Fiscal 2022	94.9	5.4
Fiscal 2021	96.7	12.0
Fiscal 2020	98.5	14.7
Fiscal 2019	78.9	4.6
Fiscal 2018	77.1	3.8
Fiscal 2017	75.7	3.4
Fiscal 2016	76.0	3.1
Fiscal 2015	72.2	2.4
Fiscal 2014	73.3	2.8

Show 52 more rows

Federal debt held by the public and the deficit, as a share of GDP, by fiscal year, newest first (Congressional Budget Office, February 2026 release) (continued)
Fiscal year	Debt held by the public (% of GDP)	Deficit (% of GDP)
Fiscal 2013	71.8	4.1
Fiscal 2012	70.0	6.7
Fiscal 2011	65.5	8.4
Fiscal 2010	60.6	8.7
Fiscal 2009	52.2	9.8
Fiscal 2008	39.2	3.1
Fiscal 2007	35.2	1.1
Fiscal 2006	35.4	1.8
Fiscal 2005	35.8	2.5
Fiscal 2004	35.7	3.4
Fiscal 2003	34.7	3.3
Fiscal 2002	32.7	1.5
Fiscal 2001	31.5	−1.2
Fiscal 2000	33.7	−2.3
Fiscal 1999	38.3	−1.3
Fiscal 1998	41.7	−0.8
Fiscal 1997	44.6	0.3
Fiscal 1996	47.0	1.4
Fiscal 1995	47.7	2.2
Fiscal 1994	47.8	2.8
Fiscal 1993	47.9	3.8
Fiscal 1992	46.8	4.5
Fiscal 1991	44.1	4.4
Fiscal 1990	40.9	3.7
Fiscal 1989	39.4	2.7
Fiscal 1988	39.9	3.0
Fiscal 1987	39.6	3.1
Fiscal 1986	38.5	4.9
Fiscal 1985	35.3	5.0
Fiscal 1984	33.1	4.7
Fiscal 1983	32.2	5.9
Fiscal 1982	27.9	3.9
Fiscal 1981	25.2	2.5
Fiscal 1980	25.5	2.6
Fiscal 1979	25.0	1.6
Fiscal 1978	26.7	2.6
Fiscal 1977	27.1	2.7
Fiscal 1976	26.7	4.1
Fiscal 1975	24.6	3.3
Fiscal 1974	23.2	0.4
Fiscal 1973	25.2	1.1
Fiscal 1972	26.5	1.9
Fiscal 1971	27.1	2.1
Fiscal 1970	27.1	0.3
Fiscal 1969	28.4	−0.3
Fiscal 1968	32.3	2.8
Fiscal 1967	31.9	1.0
Fiscal 1966	33.8	0.5
Fiscal 1965	36.8	0.2
Fiscal 1964	38.8	0.9
Fiscal 1963	41.1	0.8
Fiscal 1962	42.3	1.2

What does CBO's ten-year budget baseline give for each fiscal year?February 2026 release, CBO's estimates, not ours

Congressional Budget Office, CBO's ten-year budget baseline, February 2026 release, by fiscal year (CBO's estimates, not ours)
Fiscal year	Debt held by the public (% of GDP)	Deficit ($ billion)
Fiscal 2025, actual	99.4	1,775
Fiscal 2026	100.6	1,853
Fiscal 2027	102.1	1,887
Fiscal 2028	104.1	2,080
Fiscal 2029	105.8	2,020
Fiscal 2030	107.7	2,201
Fiscal 2031	109.6	2,286
Fiscal 2032	111.5	2,439
Fiscal 2033	114.0	2,781
Fiscal 2034	116.2	2,819
Fiscal 2035	118.0	2,779
Fiscal 2036	120.2	3,115

How did CBO's estimate change from one release to the next?CBO's ten-year budget baseline: Feb 2026, Jan 2025, Jun 2024; CBO's estimates, not ours

Congressional Budget Office, CBO's ten-year budget baseline: each line in the last fiscal year that every release of it gives, release by release (CBO's estimates, not ours)
Measure	Fiscal year	Feb 2026 release	Jan 2025 release	Jun 2024 release
Debt held by the public	Fiscal 2034	116.2	117.1	122.4
Deficit	Fiscal 2034	2,819	2,597	2,862

The table scrolls sideways; the first column stays in place.

What did CBO's January 2025 release give for each fiscal year?CBO's ten-year budget baseline, an earlier release; CBO's estimates, not ours

Congressional Budget Office, CBO's ten-year budget baseline, January 2025 release, by fiscal year (CBO's estimates, not ours)
Fiscal year	Debt held by the public (% of GDP)	Deficit ($ billion)
Fiscal 2024, actual	97.8	1,832
Fiscal 2025	99.9	1,865
Fiscal 2026	101.7	1,713
Fiscal 2027	103.4	1,687
Fiscal 2028	105.4	1,911
Fiscal 2029	107.2	1,938
Fiscal 2030	109.2	2,140
Fiscal 2031	111.1	2,233
Fiscal 2032	113.0	2,371
Fiscal 2033	115.3	2,637
Fiscal 2034	117.1	2,597
Fiscal 2035	118.5	2,531

What did CBO's June 2024 release give for each fiscal year?CBO's ten-year budget baseline, an earlier release; CBO's estimates, not ours

Congressional Budget Office, CBO's ten-year budget baseline, June 2024 release, by fiscal year (CBO's estimates, not ours)
Fiscal year	Debt held by the public (% of GDP)	Deficit ($ billion)
Fiscal 2023, actual	97.3	1,694
Fiscal 2024	99.0	1,915
Fiscal 2025	101.6	1,938
Fiscal 2026	104.1	1,851
Fiscal 2027	106.2	1,756
Fiscal 2028	108.6	1,942
Fiscal 2029	110.5	1,949
Fiscal 2030	112.7	2,193
Fiscal 2031	114.8	2,283
Fiscal 2032	117.1	2,487
Fiscal 2033	119.9	2,822
Fiscal 2034	122.4	2,862

What does CBO's long-term budget projections give for each fiscal year?February 2026 release, CBO's estimates, not ours

Congressional Budget Office, CBO's long-term budget projections, February 2026 release, by fiscal year (CBO's estimates, not ours)
Fiscal year	Debt held by the public (% of GDP)	Gross federal debt (% of GDP)	Deficit (% of GDP)
Fiscal 2026	100.6	123.6	5.8
Fiscal 2027	102.1	123.9	5.7
Fiscal 2028	104.1	124.9	5.6
Fiscal 2029	105.8	125.5	6.0
Fiscal 2030	107.7	126.2	5.9
Fiscal 2031	109.6	126.8	5.9
Fiscal 2032	111.5	127.8	6.1
Fiscal 2033	114.0	130.1	6.3
Fiscal 2034	116.2	132.2	6.5
Fiscal 2035	118.0	134.2	6.6
Fiscal 2036	120.2	136.4	6.7
Fiscal 2037	122.4	138.6	6.7

Show 19 more rows

Congressional Budget Office, CBO's long-term budget projections, February 2026 release, by fiscal year (CBO's estimates, not ours) (continued)
Fiscal year	Debt held by the public (% of GDP)	Gross federal debt (% of GDP)	Deficit (% of GDP)
Fiscal 2038	124.7	140.8	6.8
Fiscal 2039	127.1	143.2	6.9
Fiscal 2040	129.4	145.5	6.9
Fiscal 2041	131.7	147.9	7.0
Fiscal 2042	134.2	150.3	7.2
Fiscal 2043	136.6	152.7	7.3
Fiscal 2044	139.2	155.3	7.5
Fiscal 2045	141.8	157.8	7.6
Fiscal 2046	144.5	160.4	7.7
Fiscal 2047	147.3	163.2	7.8
Fiscal 2048	150.1	165.9	8.0
Fiscal 2049	153.0	168.8	8.1
Fiscal 2050	156.0	171.7	8.2
Fiscal 2051	159.0	174.6	8.4
Fiscal 2052	162.2	177.6	8.6
Fiscal 2053	165.3	180.7	8.7
Fiscal 2054	168.5	183.9	8.8
Fiscal 2055	171.8	187.0	9.0
Fiscal 2056	175.1	190.2	9.1

How did CBO's estimate change from one release to the next?CBO's long-term budget projections: Feb 2026, Mar 2025; CBO's estimates, not ours

Congressional Budget Office, CBO's long-term budget projections: each line in the last fiscal year that every release of it gives, release by release (CBO's estimates, not ours)
Measure	Fiscal year	Feb 2026 release	Mar 2025 release
Debt held by the public	Fiscal 2055	171.8	156.3
Gross federal debt	Fiscal 2055	187.0	169.3
Deficit	Fiscal 2055	9.0	7.3

What did CBO's March 2025 release give for each fiscal year?CBO's long-term budget projections, an earlier release; CBO's estimates, not ours

Congressional Budget Office, CBO's long-term budget projections, March 2025 release, by fiscal year (CBO's estimates, not ours)
Fiscal year	Debt held by the public (% of GDP)	Gross federal debt (% of GDP)	Deficit (% of GDP)
Fiscal 2025	99.9	123.5	6.2
Fiscal 2026	101.7	124.9	5.5
Fiscal 2027	103.4	125.6	5.2
Fiscal 2028	105.4	126.6	5.3
Fiscal 2029	107.2	127.8	5.9
Fiscal 2030	109.2	128.7	5.9
Fiscal 2031	111.1	129.4	5.9
Fiscal 2032	113.0	130.1	6.0
Fiscal 2033	115.3	131.5	6.1
Fiscal 2034	117.1	133.2	6.1
Fiscal 2035	118.5	134.8	6.1
Fiscal 2036	120.3	136.5	6.1

Show 19 more rows

Congressional Budget Office, CBO's long-term budget projections, March 2025 release, by fiscal year (CBO's estimates, not ours) (continued)
Fiscal year	Debt held by the public (% of GDP)	Gross federal debt (% of GDP)	Deficit (% of GDP)
Fiscal 2037	122.0	138.2	6.1
Fiscal 2038	123.7	139.9	6.1
Fiscal 2039	125.4	141.7	6.1
Fiscal 2040	127.1	143.2	6.1
Fiscal 2041	128.8	144.8	6.1
Fiscal 2042	130.5	146.5	6.2
Fiscal 2043	132.3	148.1	6.3
Fiscal 2044	134.1	149.7	6.4
Fiscal 2045	135.9	151.3	6.4
Fiscal 2046	137.8	152.9	6.5
Fiscal 2047	139.7	154.6	6.6
Fiscal 2048	141.7	156.3	6.7
Fiscal 2049	143.6	158.1	6.7
Fiscal 2050	145.6	159.9	6.8
Fiscal 2051	147.7	161.6	6.9
Fiscal 2052	149.9	163.4	7.0
Fiscal 2053	152.0	165.4	7.1
Fiscal 2054	154.1	167.4	7.2
Fiscal 2055	156.3	169.3	7.3

What do these figures leave out, and how are they cited?Limits, dates and how to cite

What this number cannot tell you

CBO restates earlier years when the Bureau of Economic Analysis revises GDP and when CBO updates its historical data. The history here is the newest release we hold, and the page says which.
Debt held by the public is not the whole federal debt. The total, with the part the Treasury owes to its own trust funds, is on the total debt page.
CBO's projections assume that current law stays as it is. They are CBO's estimates, not ours, and each box names the CBO release it comes from.
Earlier releases of CBO's projections are kept in the tables, so that one year can be compared across releases. A release that gives fewer than five years of a measure is left out.

Observed 4 Oct 2026. Checked 4 Oct 2026, 08:48 UTC.

How to cite this

Congressional Budget Office, Historical Budget Data and budget projections, February 2026 release; CBO's ten-year budget baseline, February 2026 release; CBO's long-term budget projections, February 2026 release. Compiled by 500metrics, "How big is the US federal debt compared with the economy?", https://500metrics.com/treasury/debt-to-gdp.

Can the data be downloaded?treasury-debt-to-gdp.csv

Download every year and every CBO release as CSV: 386 rows, 30 September 1962 to 30 September 2056, 50,145 bytes.

Our text and compilation: CC BY 4.0.

Page updated 28 Oct 2026, 07:16 UTC

Debt held by the public as a share of GDP, each fiscal year

The federal deficit as a share of GDP, each fiscal year

Right nowThe comparison is ours

Where each line standsThe comparison is ours

CBO's ten-year budget baselineNot our forecast

Debt held by the public as a share of GDP in CBO's ten-year baseline

The federal deficit in CBO's ten-year baseline

CBO's long-term budget projectionsNot our forecast

Debt as a share of GDP in CBO's long-term projections

The federal deficit as a share of GDP in CBO's long-term projections

Understanding debt held by the public

What do these figures measure?

The numbers behind the chart

What this number cannot tell you

How to cite this

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