A major distinction to be made is that deficits count government spending shortfalls ___________, and public debt counts _______________.

Question

Quizplus · Accepted Answer

Deficits are measured in a single year as the amount by which government spending exceeds revenue. Public debt, on the other hand, measures the total amount owed by the government from all years, including both past and current deficits.

A Major Distinction to Be Made Is That Deficits Count