What Is the National Debt

What is the national debt?

A) all of the money Congress has spent
B) all of the money the federal government has borrowed and has not yet repaid
C) the sum of all tax expenditures minus the sum of all tax receipts
D) the sum of all tax receipts minus the sum of all tax expenditures -Consider This: Receipts minus expenditures tells us about deficit levels but does not describe in any way the national debt.