What is the US national debt?
The US national debt is the total amount of money owed by the federal government to its creditors, which includes individuals, institutions, and foreign governments. It is the result of the government spending more money than it collects in revenue through taxes and other sources.
As of September 2021, the US national debt is approximately $28.7 trillion, which is a significant increase from previous years due to government spending on COVID-19 relief programs and other economic stimulus measures.
The national debt has significant implications for the US economy and its citizens. A high level of debt can lead to higher interest rates, inflation, and reduced economic growth. It can also limit the government's ability to respond to future crises and allocate resources to critical programs such as Social Security, Medicare, and national defense.
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