General
Money that is owed by the Government, also known as sovereign debt.
National Debt
_____ cuts are a main contributor to the debt
Tax
In the short run, deficit spending drives _____ growth
Economic
When did the US debt begin?
The Revolutionary War
The most common method of increasing government revenue
Raise taxes
What is the national debt currently at?
$22 Trillion
The US Government has benefitted from low ____ _____
Interest rates
When there is little economic growth, the ___ ______ becomes weakened
Job Market
During which war did the public debt increase the most?
World War II
A way to reduce the debt without raising taxes
Cut Spending
Debt the Government owes to individuals, businesses, and foreign governments.
Public Debt
When the government spends more than it makes from taxes
Budget Deficit
When the government can't make enough revenue to pay off the debt they will have to raise _______
Taxes
Which war added $2.4 Trillion to the National Debt?
War on Terrorism
Debt that is owed within the government.
Intragovernmental Debt
With a growing number of retiring people, the government is paying out more of this than it is taking in
Social Security
A general increase in prices and fall in the purchasing value of money.
Inflation
Which US President added $9 Trillion to the National Debt?
President Obama
Which foreign country does the US Government owe the most money to?
China
An upper limit set on the amount of money that a government may borrow.
Debt Ceiling
A situation in which a country can't pay back its government debt.
Debt Crisis
What is the worst economic disaster since the Great Depression?