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
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?