The National Debt : A Secular Perspective
نویسنده
چکیده
3. In practice, yearto-year changes i n the federal debt do not precisely equal the corresponding annual federal budget deficits. The inequality results because Congress borrows to finance net spending on certain off-budget programs, and because the Treasury finances a small portion of the deficit through changes i n various assets such as its cash balances. Here we use the term deficit to refer to both onbudget and off-budget items; we ignore the small changes i n Treasury assets. ' The National Debt: A Secular Perspective
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