What is the difference between national debt and budget defecit?
nimhelm asked:
I heard that national debt is around $9 trillion and that bugdet defecit is around in the billions. So what is what?
I heard that national debt is around $9 trillion and that bugdet defecit is around in the billions. So what is what?
Tags: Billions, National Debt, Trillion
September 14th, 2009 at 3:43 pm
The budget deficit is the excess expenditures over and above receipts for a specific fiscal year. For the year 2009, the US has an expected deficit of $1.75 trillion (the largest ever).
The national debt is that accumulated debt over the total financial history of the nation. As of August 2009 the accumulated US national debt was approximately $9.6 trillion.
September 16th, 2009 at 2:02 pm
The Debt is how much the country owes.
The deficit is how much the government is adding to the debt every year through pure overspending. (for example, if they bring in 1 trillion dollars in taxes, then they pass a budget that costs 1.5 trillion, the deficit is .5 trillion)
Where does this “extra” money come from? That question will take you on a wild journey if you chase down all the answers.
September 17th, 2009 at 12:58 pm
the budget deficit is the difference between what the federal government spends and what it collects in any single budgetary year.
the national debt is the collective differences of the previous budgets.
the national debt is in the double digit trillions and has been huge for years.
the deficit is in the single digit trillions and has been on the rise for the last 7 years or so. (during the late 90s, the republican congress and Clinton actually had a surplus…which is what funded the rebate checks of 2001).