Net new borrowing by the government is usually referred to as the

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Net new borrowing by the government is usually referred to as the government budget deficit, as it refers to the amount by which the government's expenditures exceed its revenues in a given period of time. The national debt, on the other hand, refers to the total amount of money owed by the government at any point in time, including both past and current deficits. The trade deficit refers to the difference between a country's imports and exports, and the public debt is a broader term that can refer to the debts of any public entity, such as state or local governments.

Net New Borrowing by the Government Is Usually Referred to as the