The national debt also known as the public debt is the result of the federal government borrowing money to cover years and years of budget deficits. Budget Surplus vs Budget Deficit. The Difference Between Deficit And Debt Economics Help Key Differences. . The difference between the national debt and the budget deficit has to do with accounting and cash flows. The primary difference between deficit and debt is that the deficit is defined as the shortfall of the countrys income over expenses while debt is the amount of money owed by the nations government to others. The deficit is the difference between the amount of money that the United States government receives in taxes. -debt is a stock measured at one point in time. Spending 500b per year more than collecting. At the end of fiscal year 2019 the Congressional Budget Office estimates that debt held by the public will equal 166 trillion or 78 percent of GDP. ...
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