There are 3 types of debt a government can occur (Export Debt), (Import Debt) and (Social Debt).
Export Debt (money owed to the government from Another Country that isn't paying)
Import Debt (money owed to Another Country by the government)
Social Debt: This is what I am assuming you are referring (the deficit). The deficit is money borrowed on "future" income from collectible taxes and fees from the governments citizens. They borrow against it (like a credit card). Its money owed to themselves. Its not a true debt in the conventional sense. However if left upaid then the government can't honour future benefits to its citizens and the country would collapse (like Greece and Spain).
There are many reasons that the government provides debt relief. The main reason and purpose behind government debt relief is that people can keep their homes and vehicles.
Trillions
No. A federal debt is a debt that is owned to the federal government. A home mortgage is a debt that is owed to the lending agency, be it a bank, a mortgage company, etc.
The national debt.
By selling bonds.
A debt ceiling can be described as the maximum limit that company, organization, or government agency can afford to incur debt. Example sentence: My personal debt ceiling is around a thousand dollars.
There are 3 types of debt a government can occur (Export Debt), (Import Debt) and (Social Debt). Export Debt (money owed to the government from Another Country that isn't paying) Import Debt (money owed to another country by the government) Social Debt: This is what I am assuming you are referring (the deficit). The deficit is money borrowed on "future" income from collectible taxes and fees from the governments citizens. They borrow against it (like a credit card). Its money owed to themselves. Its not a true debt in the conventional sense. However if left upaid then the government can't honour future benefits to its citizens and the country would collapse (like Greece and Spain).
Their country lost alot of land and alot of poverty would have accured because the government would have to pay alot of debt. Millions of dollars of debt.
When you borrow money you incur debt.
The first incur of the national debt was predominantly when the US first began as a country, the expense of the American revolution was somewhat around 75.4 million dollars. Over time, due to expansion and purchase by the nation this caused more debt to accumulate and fluctuate.
George Walker Bush increased the national debt by $4.9 million dollars. Doubling it during his presidency.
The government seem to incur debts in various cases. Some of the common situations is when there is war and any other national issue that requires huge funding like elections among others.
It is easy to incur debt if you abuse your credit cards.
States have a debt of 1.2 Trillion dollars. California holds the biggest debt: 361 Billion dollars.
Some common examples of debt that individuals commonly incur include student loans, credit card debt, mortgages, and car loans.
There are 3 types of debt a government can occur (Export Debt), (Import Debt) and (Social Debt). Export Debt (money owed to the government from Another Country that isn't paying) Import Debt (money owed to another country by the government) Social Debt: This is what I am assuming you are referring (the deficit). The deficit is money borrowed on "future" income from collectible taxes and fees from the governments citizens. They borrow against it (like a credit card). Its money owed to themselves. Its not a true debt in the conventional sense. However if left upaid then the government can't honour future benefits to its citizens and the country would collapse (like Greece and Spain).
The current debt of the federal government of the United States of America is over 14 trillion dollars. See related link for a debt clock.