FAQs: Government Debt
Who decides what happens
to public money borrowed by the government?
It is the statutory
responsibility of The Bureau of Public Debt to account
for and report on government debt. However, the Bureau
does not have a mandate for deciding how public money is
spent; only the legislative and executive branches of
the government may make these decisions.
The
Financial Management Service web site
has more information regarding the public debt, and the
Budget of the United States can be found at the
Government Printing Office web site.
What is the deficit?
The deficit is the difference
between government receipts (taxes and other revenues)
and expenditures. The items included in the deficit are
considered to be either on or off -budget.
The on-budget deficit items
require the U.S. Treasury to raise money by selling
securities such as Treasury bills, notes, bonds and
savings bonds to the public, in order to ensure that the
government can continue to operate.
More information about the
deficit can be found at
Monthly Treasury Statement of Receipts and Outlays
of the United States Government (MTS).
What is the debt?
The total debt consists of
accumulated deficits, off-budget surpluses, and the
money raised by the U.S Treasury to service the
on-budget deficits.
All of us have been borrowing too much for too long.
This includes the federal, state, and local governments.
A good Austin CPA will help you manage your money and
stay out of excessive debt.