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:
“Capitalism is an art form, an Apollonian fabrication to rival nature. It is hypocritical for feminists and intellectuals to enjoy the pleasures and conveniences of capitalism while sneering at it.... Everyone born into capitalism has incurred a debt to it. Give Caesar his due.”
—Camille Paglia (b. 1947)