From the Congressional Glossary – Including Legislative and Budget Terms Budget Deficit / Budget Surplus Lesson 1 National Debt & Budget Deficit Explained The relationship between spending and revenues is reflected in the surplus or deficit figure. A surplus is an excess of revenues over outlays, while a deficit is an excess of … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Public Debt / Debt Ceiling / Debt Limit Debt Limit – A Guide to American Federal Debt Made Easy Public Debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Federal Debt The Debt Ceiling Explained: Why You Should Care The federal debt consists of public debt, which occurs when the Treasury of the Federal Financing Bank (FFB) borrows money directly from the public or other funds or accounts, and government debt / … Read more