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Simple English definitions for legal terms
national debt
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A quick definition of national debt:
National Debt: The amount of money that the government owes to others, including other countries and people who have bought government bonds. It's like a big credit card bill that the government has to pay back over time.
A more thorough explanation:
Definition: The national debt is the total amount of money that the federal government owes to its creditors. This includes Treasury bills, notes, and bonds, as well as foreign debt.
Example: The current national debt of the United States is over $28 trillion. This means that the government has borrowed this amount of money from various sources, including individuals, banks, and foreign countries.
Explanation: The example illustrates the definition by showing that the national debt is the total amount of money that the government owes to its creditors. The national debt is a result of the government borrowing money to fund its operations, such as infrastructure projects, social programs, and military spending. The government issues Treasury bills, notes, and bonds to borrow money from individuals and institutions, and it also borrows money from foreign countries. The national debt is a significant economic indicator that affects the country's financial stability and future generations' ability to pay off the debt.