The difference between the federal budget deficit and the national debt is that the

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The national debt is the cumulative effect of all prior surpluses and deficits, meaning that it includes all outstanding bonds and other government securities. On the other hand, the federal budget deficit refers to the difference between government spending and revenue in a given fiscal year. In other words, the deficit represents the shortfall between what the government spends and what it takes in during a specific period of time, while the national debt represents the total amount of money that the government owes as a result of past deficits and borrowing.

The Difference Between the Federal Budget Deficit and the National