http://www.cbo.gov/sites/default/files/cbofiles/attachments/budgetinfographic.pdf
Take a look at this chart representing the 2011 budget. And check out the explanation above it -- here are two paragraphs:
"Annual budget deficits occur when spending exceeds revenues; the government must borrow to cover such a shortfall. Federal debt held by the public is the total value of outstanding Treasury bills, notes, bonds, and other debt instruments (including Treasury securities held by the Federal Reserve) that have accumulated over time to finance the governments activities.
At the end of fiscal year 2011, debt held by the public amounted to $10.1 trillion, or 67% of GDP. Another $4.6 trillion in Treasury securities were held by other federal government accounts, representing amounts that one part of the government (mostly the Social Security Administration) had lent to another (the Treasury)."
It is too late for me to examine this in depth, but I am wondering if that Social Security portion indicates the Federal Government is having to pay back part of what it borrowed. I also know the break on the FICA tax is financed by the Federal Government, but that alone cannot exceed what we spend on defense.
Maybe we can look at it again tomorrow and discern the answers; or perhaps someone here more knowledgeable than I can comment. But generally speaking, this is an excellent source for your question.
Sam