Suppose that the total debt of the U.S. federal government at the end of 2017 was...
Suppose that the total debt of the U.S. federal government at the end of 2017 was $19 trillion. In 2018, the government spends $3.2 trillion and collects $2.2 trillion in taxes. What will be the total debt at the end of 2018?
Homework Answers
Total debt at the end of 2018 = Total debt at the end of 2017 + budget deficit during 2018
= 19 trillion + 3.2 trillion - 2.2 trillion
= 20 trillion
Hence, Total debt at the end of 2018 is $20 trillion
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