Debt is the sum of past deficits plus the sum of past surpluses.

Name: Debt is the sum of past deficits plus the sum of past surpluses.
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Quizplus · Accepted Answer

This is because deficits represent when the government spends more money than it takes in, while surpluses represent when the government takes in more money than it spends. Therefore, the sum of past deficits (which increases the debt) added to the sum of past surpluses (which decreases the debt) gives us the current total amount of debt.

Debt Is the Sum of Past Deficits Plus the Sum