The National Debt is the total amount of money owed by the government; the federal budget deficit is the yearly amount by which spending exceeds revenue. Add up all the deficits (and subtract those few budget surpluses we've had) for the past 200+ years and you'll get the current National Debt.
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"Careful what you put out there, it could come right back & hit you smack in the face." -- Peatree, 2013
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