Is there any difference between deficit and debt?

What is the primary difference between deficit and debt? Are they the same thing?

2 Answers

The deficit is the amount that the federal government loses in a year. It is the difference between what the government earns from various sources and the amount it spends in a given fiscal year.

Debt is the amount that the governent  actually owes in a given year.
 


Deficit and Debt is not the same thing. Check out this page to know details about this: & http://www.treasurydirect.gov/news/pressroom/pressroom_bpd08052004.htm

 


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