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Debt and Deficit
Deficit: "A government's deficit
can be measured with or without
including the interest it pays
on its debt. The primary
deficit
is defined as the difference
between current government
spending
and total current revenue from
all types of taxes.
The total deficit (which is
often just called the 'deficit')
is spending, plus interest
payments on the debt, minus tax
revenues"
Source:
Wikipedia Debt: "Government debt (also
known as public debt, national
debt)
is money
(or credit)
owed by any level of government;
either central
government,
federal
government,
municipal
government
or local
government.
By contrast, annual government
deficit
refers to the difference between
government receipts and spending
in a single year. Debt of a
sovereign
government is called sovereign
debt".
Source:
Wikipedia
