Which of the Following Statements Is FALSE

Which of the following statements is FALSE?

A) The federal budget deficit in 2004 was about 4 percent of the GDP.
B) A budget deficit of $25 billion in a given year increases the public debt by $25 billion.
C) The public debt of $25 billion is the accumulated debt of all U.S. individuals, firms, and institutions.
D) During the past five years, the U.S. public debt has been increasing.