The ________ is the total accumulation of money borrowed by the government.

Question

Quizplus · Accepted Answer

The federal debt refers to the total accumulation of money borrowed by the government. A budget deficit occurs when spending exceeds revenue, leading to an increase in the federal debt. Conversely, a budget surplus occurs when revenue exceeds spending, leading to a decrease in the federal debt. The federal balance sheet refers to the overall financial position of the government, including assets and liabilities. However, the question specifically asks for the total accumulation of money borrowed, which is the federal debt.

The ________ Is the Total Accumulation of Money Borrowed by the Government