Yes, that's correct! The U.S. national debt is essentially the total amount of money that the federal government owes to creditors. It accumulates over time when the government runs budget deficits, which occur when spending exceeds revenue. Conversely, when the government runs budget surpluses, it can pay down some of the existing debt.
The national debt includes both public debt, which is money borrowed from external sources such as individuals, corporations, and foreign governments, and intragovernmental debt, which is money owed by the federal government to various trust funds and accounts, like those for Social Security and Medicare.
Tracking the national debt is important for understanding the country's fiscal health and the potential implications for economic policy, interest rates, and future government spending.