Understanding the federal deficit is not easy. There is the confusion between the deficit - the annual shortfall between spending and revenue - and the debt, which is the sum of all accumulated deficits.
http://onlineathens.com/opinion/2013-08-31/conant-finances-arent-countrys-only-deficit
http://onlineathens.com/opinion/2013-08-31/conant-finances-arent-countrys-only-deficit
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