All the money a government owes from past borrowing.
The U.S. owes this money to people, businesses, other countries and even its own trust funds, and pays interest on it every year. People disagree about how much debt is too much and whether to fix it by cutting spending, raising taxes or both.
"Interest on the national debt is now one of the biggest items in the federal budget."
Filed under money and the economy in the glossary, with every word used on How I Lean.
Nine questions, about three minutes, and you'll see where you lean.