The difference between the US Debt & Deficit.


The super short version: Let’s say Sam gets $50 per year in allowance (revenue), but owes his Mom $100 in “debt” after two years.  He accrued that debt by spending $100 per year. So, he spent $50 more per year  (“yearly deficit”) than he made in allowance. 2 years * $50 yearly deficit = $100…
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