Question

What is the difference between the concept of the U.S. national debt and the concept of the U.S. government deficit? (Note: The answer should make clear your understanding of the definition of the U.S. national debt and your understanding of the definition of the U.S. government deficit.)

Answer 1

US national debt is the amount which the national government has borrowed from various sources it can be in form of bonds or T bills.

The fiscal deficit is what leads to that debt. The fiscal deficit is mainly government spending more than they have incoming from various sources. OT fill that gap between the expenditure and incoming the government has to borrow which lead to national debt.

So, the national debt is nothing but an accumulated deficit of the nation.