The total amount of outstanding loans owed by the federal government is known as
A)the budget deficit.
B)the federal debt.
C)the current account deficit.
D)the yearly U.S.government deficit.
E)None of these

Question

Quizplus · Accepted Answer

The federal debt refers to the total amount of outstanding loans owed by the federal government, including both publicly held debt and intra-governmental debt. The budget deficit refers to the annual shortfall between government spending and revenue, and the current account deficit refers to the difference between a country's total imports and exports. Choice D is incorrect as it specifically refers to the yearly deficit, not the total debt.

The Total Amount of Outstanding Loans Owed by the Federal