> The deficit is the difference between the money that the government makes and the money it spends. If the government spends more than it collects in revenues, then it’s running a deficit.
> The federal debt is the running total of the accumulated deficits. [Or surpluses]
- History of the United States public debt: https://en.wikipedia.org/wiki/History_of_the_United_States_p...
- https://www.politifact.com/factchecks/2019/jul/29/tweets/rep... (2019) :
> The deficit is the difference between the money that the government makes and the money it spends. If the government spends more than it collects in revenues, then it’s running a deficit.
> The federal debt is the running total of the accumulated deficits. [Or surpluses]
"Federal Surplus or Deficit [-] (FYFSD)" https://fred.stlouisfed.org/series/FYFSD#
"Federal Surplus or Deficit [-] as Percent of Gross Domestic Product (FYFSGDA188S)" https://fred.stlouisfed.org/series/FYFSGDA188S