Government debt, also known as public debt or national debt, the total value of the funds that the government at all levels from national to local borrowers.
The borrowing is to finance the budget deficit so in other words, books, government debt is the accumulated deficit to one point. To easy to imagine the scale of government debt, people often measure how much debt by percentage than total gross domestic product (GDP).
Government debt is usually classified as follows:
Domestic Debt (the loans from domestic lenders) and foreign debt (loans from foreign lenders.)
Current liabilities (1 year or less), medium term loans (from 1 year to 10 years) and debt long-term (over 10 years).
the form of government debt
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