The Federal Deficit represents the extent to which government expenditures exceed the amount of revenue a government receives during a fiscal period. A government that spends beyond its revenue falls into a budget deficit, while a government that spends less accrues a surplus.
National Debt
The $9.4 trillion in National Debt is a direct result of the debt and interest accumulated from the United States government's practice of deficit spending.Brillig: U.S. National Debt Clock FAQ (February 6, 2008) The interest expense from money borrowed to supplement government spending constitutes the third largest government expenditure behind the Department of Defense, and Health and Human Services.FederalBudget.com: The National Debt is $9.4 Trillion! (June 2, 2008)
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References
Fast Facts
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Fact:
The U.S. Federal Budget has not been balanced since 1835, under then president Andrew Jackson
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Fact:
During the 1920's the Federal Budget maintained a surplus, and has not done so since
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Fact:
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Fact:
Treasury Department borrows money to exceed budget spending
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Fact:
There have been several versions of a Balanced Budget Amendment proposed in Congress
