What is the national debt?
A)The sum of the federal government's budget deficits less surpluses.
B)The total amount borrowed domestically by all levels of government.
C)The total amount borrowed domestically and internationally by all levels of government.
D)The amount owed by the federal government to the World Bank.

Question

Quizplus · Accepted Answer

The national debt is the sum of all the past years' deficits and surpluses, where a deficit adds to the national debt and a surplus reduces it. It represents the total amount owed by the federal government, not the amount owed to a specific entity like the World Bank, nor does it exclusively pertain to domestic borrowing or include all levels of government.

What Is the National Debt