in three sentences answer the question. Public debt represents the total obligations a government has to external creditors, including individuals and foreign entities, while intragovernmental debt is the money one government body owes to another, often seen in trust funds like Social Security. Public debt is primarily managed through the issuance of bonds and securities, whereas intragovernmental debt is generated from surplus funds that are borrowed against future revenue. Both debts indicate liabilities for the government; while public debt affects credit ratings and interest rates, intragovernmental debt, though internal, can burden future budgets if not handled appropriately.

Answer 1

Public debt refers to the total financial obligations a government owes to external creditors, while intragovernmental debt involves money borrowed between government entities, such as trust funds. Public debt is managed through bonds and securities, while intragovernmental debt arises from surpluses that are temporarily borrowed. Both forms of debt create liabilities for the government, with public debt impacting credit ratings and interest rates, and intragovernmental debt posing potential future budgetary challenges.