The federal government debt is equal to the
A) annual difference between federal government tax revenues and outlays.
B) obligations of benefits from federal taxes and expenditures.
C) sum of all annual federal government outlays.
D) sum of past budget deficits minus the sum of past budget surpluses.

Question

Quizplus · Accepted Answer

The federal government debt is the sum of all past budget deficits (when spending exceeds revenues) minus the sum of past budget surpluses (when revenues exceed spending). It represents the total amount of money the government has borrowed over time to finance its budget deficits.

The Federal Government Debt Is Equal to the