National Debt Legal Meaning and Definition

Here is a simplified definition of the legal term National Debt.

National Debt (noun)

The total amount of money that a country's government has borrowed from various sources. This can include borrowing from foreign governments, institutions, and its own citizens. The debt accumulates over time due to the government's expenditures exceeding its revenue. It's often used to cover budget deficits and finance various public services or infrastructure projects.