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The amount that the government spends each year in excess of what its tax, tariff and fee revenues bring in. (The government then must borrow to make up the difference.)
SOURCE: Federal Reserve Bank of New York
FAQ: What's the difference between the debt and the deficit?
See all terms in the National Debt Glossary
Frequently Asked Questions: National Debt
- How did the national debt get to be so big?
- What's the difference between the debt and the deficit?
- Why can't the government just print more money to get out of debt?
- How much U.S. debt is owned by foreign countries?
See all questions about the national debt. >>
