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The portion of the public debt that is owned by U.S. citizens and institutions is both a(n) to Americans (as taxpayers) and a(n) to Americans (as holders of U.S. government securities).

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The portion of the public debt that is owned by U.S. citizens and institutions is both a(n) liability to Americans (as taxpayers) and a(n) asset to Americans (as holders of U.S. government securities).