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:
“Good government cannot be found on the bargain-counter. We have seen samples of bargain-counter government in the past when low tax rates were secured by increasing the bonded debt for current expenses or refusing to keep our institutions up to the standard in repairs, extensions, equipment, and accommodations. I refuse, and the Republican Party refuses, to endorse that method of sham and shoddy economy.”
—Calvin Coolidge (1872–1933)