Intra-governmental holdings

I don't often agree with Kimberly Amadeo, but on this I do:

... you should always look at the total debt, not just the debt owed to the public. That's because all federal debt is eventually owed to the public. That's why Intra-governmental Holdings should be counted in the ​U.S. ​debt-to-GDP ratio.

From: Debt-to-GDP Ratio, Its Formula, and How to Use It