Discussion of the national debt is always in the news or in the newspapers, but no one seems to actually take the time to discuss the actual definition of the term. In order to understand what someone means by "national debt," there are a few terms that need to be defined first.
Gross National Debt
The gross national debt is the total amount of direct liabilities for which the United States Government is responsible.
According to a pamphlet published by the Government Accountability Office, "Federal Debt: Answers to Frequently Asked Questions, An Update," the gross national debt is the total amount of "outstanding debt, measured by outstanding bills, notes, bonds, and other debt instruments of the U.S. government."
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