National Debt - definition of National Debt - The sum of all previously incurred annual federal deficits. Since the deficits are financed by government borrowing, national debt is equal to all
... a debt established by a judgment and enforceable by a legal process (as an execution of judgment or attachment) c : a state of owing <in debt > d : the aggregate of money owed <the national debt
... be classified as insurance under the terms of either part of this definition. Debt ... For example, when it authorized national banks to issue debt suspension agreements issued in ...
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