The total amount owed by the Federal government to the owners of government securities; equal to the sum of past government budget deficits less government budget surpluses.
U.S. Treasury bills, notes, and bonds used to finance budget deficits; the components of the public debt
A budget in which government expenditures and tax collections are equal each year.
annually balanced budget
The equity of government expenditures and net tax collections over the course of a business cycle; deficits incurred during periods of recession are offset by surpluses obtained during periods of prosperity (inflation.)
cyclically balanced budget
The use of fiscal policy to achieve a noninflationary full-employment gross domestic product without regard to the effect on the public debt
A Federal fund that saves excessive social security tax revenues received in one year to meet social security benefit obligations that
exceed social security tax revenues in some subsequent year.
Social security trust fund
public debt owed to foreign citizens, firms, and institutions.
external public debt
Government expenditures on public capital (such as roads, highways, bridges, mass-transit systems, and electric power facilities) and on human capital (such as education, training, and health.)