Why does this CNN article say the US deficit is only $1.3 trillion? (It's over $10 trillion, right?) --- Is it really saying that the US will be getting into debt 1/2 as fast in 2013 without paying anything off?
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noise - treble and siege
ANSWERS: 4
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THE TOTAL DEBT TO CHINA IS $1.3 TRILLION.
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There is a difference between debt and deficit. Your debt is $10T, your deficit is $1.3T
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The budget deficit this year is probably only $1.3 trillion. National debt itself is over $10 trillion. This year's deficit will be added to already outstanding debt.
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You are confusing the ANNUAL budget deficit (on the order of $1 trillion) with the TOTAL national debt (on the order of $10 trillion). The national debt is the accumulation of all previous budget deficits since the United States was founded. Obama is hoping that the combination of ending the occupation of Iraq, an economic recovery allowing less spending on stimulus, and the 'sunset' of the Bush tax cuts will make the ANNUAL deficit smaller. However, it will be many years before the government will run a surplus and can start paying down the TOTAL debt. http://www.harpers.org/archive/2009/01/0082337
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