National Deficit vs National Debt: Both a Fiscal Issue

The national debt includes all the annual deficits that have not been paid back to the public. The deficit is the amount owed after federal receipts are subtracted expenditures. The 2011 deficit is a projected $1.645 trillion in 2011 or 10.9 percent of 2011's Gross Domestic Product per the U.S. Office of Management and Budget. The national debt is closer to 100 percent of GDP, an amount that has not been approached since World War II and the Great Depression.

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