The Role of Government: The National Debt vs. The Deficit www.federalbudget.com 1. Define the national debt. The national debt is the debt held by the government plus debt held by the public. 2. Describe debt held by the government. Debt held by the government includes Social Security, civil Service Retirement, Military Retirement, Medicare, Unemployment Insurance, and the Highway and the Airport, the Airway Trust Funds. 3. Did the United States have a federal deficit or surplus in 1998? Approximately how much? Yes, they did have a surplus that was approximately $70 billion. 4. When does the fiscal year for the U.S. Government begin and end? It begins on October 1 to and ends on September 30. 5. When, before 1998, did the U.S. Government have a surplus? They had a surplus in 1969 of $3.2 billion. 6. Approximately how much does the national debt increase every day? In less than two days?
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This note was uploaded on 10/01/2011 for the course ECON 2106 taught by Professor Banzhaf during the Spring '06 term at Georgia State University, Atlanta.