An action or inaction by the President or a federal agency that delays or withholds the obligation or expenditure of budget authority provided by law.
SOURCE: Congressional Research Service
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?