What's the Difference Between the Debt and the Deficit?

What' s the difference between the debt and the deficit

The is the difference between what the U.S. Government takes in from taxes and other revenues, called receipts, and the amount of money it spends, called outlays. The items included in the deficit are considered either on-budget or . You can think of the total as accumulated deficits plus accumulated off-budget surpluses. The on-budget deficits require the U.S. Treasury to borrow money to raise cash needed to keep the government operating. It borrows the money by selling securities to the public. The Treasury securities issued to the public and to the Government Trust Funds then become part of the total debt. SOURCE:

National Debt Glossary

Looks up the key terms for understanding America's financial crisis

Frequently Asked Questions National Debt

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