“Public debt is the total value of all outstanding federal government securities; also known as the national debt” (Miller, 2012). The public debt, which is also known as the national debt, is the accumulation of the budget deficits. It reveals the total amount of money that the nation owes. “Government budget deficit is a deficit that exists if the government spends more than it receives in taxes during a given period of time” (Miller, 2012). Federal budget deficits can be thought of like personal finances. When your revenue exceeds spending over a period of time, a surplus is generated. However, when your spending outpaces revenue over a period of time, a deficit occurs. For example if the nation is in debt and GDP does not increase. This
