Our nation is about to engage in another debate about raising the debt ceiling. It will be helpful to review the relevant terms of the debate. I include a link to articles that explain each term in more depth:
National Debt – NPR: This term simply refers to the amount of money the federal governments owes.
Federal Deficit – PolitiFact: “The deficit is a measure of a single year’s shortfall, the difference between what the government takes in and what it spends.”
Debt Ceiling – USA Today: “The debt ceiling is a lot like the limit on your personal credit card. The term “debt ceiling” or debt limit refers to the maximum amount of money the federal government is allowed to borrow.”
Here is a video from the Washington Post explaining these terms.