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

Question

Quizplus · Accepted Answer

The federal debt is the total accumulation of money borrowed by the government over time. The budget deficit is the amount by which the government's spending in a given year exceeds its revenue, leading to an increase in the federal debt. The budget surplus, on the other hand, is the amount by which the government's revenue in a given year exceeds its spending, leading to a decrease in the federal debt. The federal balance sheet is a statement of the government's assets and liabilities, which includes the federal debt as a liability.

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