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:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)