The national debt today refers to the total amount of money owed by the U.S. government to individuals, businesses, and other countries. It is the cumulative total of all the money the government has borrowed over time through the issuance of Treasury securities, such as bonds and bills, to finance its spending and operations.
Understanding the national debt is crucial because it has significant implications for the economy and the well-being of the nation. A high national debt can lead to increased interest rates, inflation, and a decrease in the value of the dollar. It can also limit the government’s ability to respond to economic downturns and emergencies.