Federal Debt

Federal Debt in the United States

Federal Debt in the Federal Budget Process

Meaning of Federal Debt in the congressional and executive budget processes (GAO source): Generally, the amount borrowed by the government from the public or from government accounts. Four ways that federal debt may be categorized for reporting purposes are (1) gross federal debt, (2) debt held by the public, (3) debt held by government accounts, and (4) debt subject to statutory debt limit. For a fuller discussion of federal debt, see Federal Debt: Answers to Frequently Asked Questions. An Update (GAO-04-485SP). (See also Borrowing Authority under Forms of Budget Authority under Budget Authority; Federal Financing Bank; Means of Financing.)

Resources

See Also

Further Reading

  • Legislatures and the budget process: the myth of fiscal control

    (J Wehner, 2010)

  • Reconcilable Differences?: Congress, the Budget Process, and the Deficit (JB Gilmour, 1990)
  • Fiscal institutions and fiscal performance

    (JM Poterba, J von Hagen, 2008)


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