The national debt is the accumulation of deficits that have occurred in the past as a result of expenditures exceeding tax revenues.

Name: The national debt is the accumulation of deficits that have occurred in the past as a result of expenditures exceeding tax revenues.
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Question

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The national debt is the sum of all past budget deficits minus any budget surplus. Budget deficits occur when government spending exceeds government revenues from taxes and other sources.

The National Debt Is the Accumulation of Deficits That Have