The national debt of the United States is the total of all the obligations of the Treasury to pay money to the federal government's creditors. By analogy, in judging whether a national debt is large of small, one ought to compare it to the income (or product) of the national economy because that income, through taxation or further borrowing, is the ultimate source of interest and principal payments on the debt. The accompanying figure presents the ratio of the national debt to the gross national product (GNP) of the United States from 1791 to 1988. National debt is the total financial obligation of the federal government. It aims to improve fiscal policy by establishing five principles of responsible fiscal management and by strengthening the reporting requirements.
The concept that relates to National Debt is education. President Bush has expanded the Pell Grant program through reforms to the student loan program. The expansion will provide more assistance for low-income students......
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