Causes of Recent Changes in Debt
Public debt is the cumulative result of budget deficits; that is, government spending exceeding revenues.
Read more about this topic: History Of The United States Public Debt
Famous quotes containing the word debt:
“Man’s pity for himself, or for his son,
Always premising that said son at college
Has not contracted much more debt than knowledge.”
—George Gordon Noel Byron (1788–1824)