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:
“I have been told, that in some public discourses of mine my reverence for the intellect has made me unjustly cold to the personal relations. But now I almost shrink at the remembrance of such disparaging words. For persons are love’s world, and the coldest philosopher cannot recount the debt of the young soul wandering here in nature to the power of love, without being tempted to unsay, as treasonable to nature, aught derogatory to the social instincts.”
—Ralph Waldo Emerson (1803–1882)