The national debt
A)exists because of past government budget deficits.
B)is the difference between the government's spending and revenue in a given year.
C)is the amount households owe on credit cards,mortgages and other loans.
D)is the amount household and firms have borrowed minus the amount they have saved.

Question

Quizplus · Accepted Answer

The national debt exists because of past government budget deficits, which is the amount by which government spending exceeds government revenue in a given year.

The National Debt