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The debt incurred each year is larger...
by aeschylus

...than that year's budget deficit due to unbudgeted items. 2008's budget deficit was 455 billion, but the national debt rose by 1 trillion. So a $2 trillion deficit is a lot worse than it sounds.

I'm reminded of a cartoon with a bunch of politicians discussing the debt. One of them exclaims, "Wait a minute. We owe it to ourselves!"

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