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What's the difference between the debt and deficit?

In simple terms:


debt is how much your country owes, in total

deficit is how much your spending exceeds your income.

Thus, a nations total debt is the sum of it's yearly deficit.
 
The debt is what we owe on loans, bonds etc. Kinda like credit cards, mortgage, etc.

The deficit is what we spend in excess of tax revenue. Kind of like if you make $3K a month but you spend $3.5K a month. You would have a $500/month deficit. Which would add to your debt.
 
Since the question has been answered, I'll just hijack the thread...



It's not what you think you know, it's what you can prove. Anything else is just the shrill whine of the oligophrenic.
Click to expand...

Dave, are you insulting your fine president?!

😉
 
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