Multiple Choice
refers to the debts of all units of government—federal, state, and local.
consists of the total debt of U.S. households, businesses, and government.
refers to the collective amount that U.S. citizens and businesses owe to foreigners.
consists of the historical accumulation of all past federal deficits and surpluses.
1 answer
The correct answer is:
consists of the historical accumulation of all past federal deficits and surpluses.
This option accurately describes the U.S. public debt as it encompasses the total amount of money that the federal government has borrowed over time, which results from budget deficits and surpluses.
