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Public debt
(redirected from Government debt)

   Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.01 sec.

PUBLIC DEBT. That which is due or owing by the government.
     2. The constitution of the United States provides, art. 6, s. 1, that "all debts contracted or engagements entered into, before the adoption of this constitution, shall be as valid against the United States under this constitution, as under the confederation." It has invariably been the policy since the Revolution, to do justice to the creditors of the government. The public debt has sometimes been swelled to a large amount, and at other times it has been reduced to almost nothing.



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Although the required legislation may become enmeshed in other current political debates, which will raise uncertainty in the government debt markets and may disrupt some government functioning, we do not believe that the debt ceiling issue will prevent timely service of US federal government debt," according to John Chambers, Chairman of Standard & Poor's sovereign rating committee.
01 trillion of extra income for the national treasury during the period and cap the outstanding government debt at the legal ceiling of 40% of the gross domestic product.
As a result of the large projected budget deficits, the expected path of the government debt has been revised upward substantially.
 
 
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