First Budget, a nonpartisan initiative to raise awareness of the nation’s fiscal challenges during the 2016 presidential campaign, is already making its presence felt in Iowa and New Hampshire.
First Budget announced today...
The national debt has grown significantly in recent years due to rising annual deficits. A deficit occurs in any year the government spends more money than it takes in. Borrowing to make up the difference is added to the national debt -- technically referred to as the gross federal debt.
The gross debt has two components: 1) Debt held by the public -- money the government borrows on the open market from domestic or foreign investors; and 2) Intra-governmental debt -- money the government owes itself, as in the Social Security trust fund.