The current level of us government accumulated debt, when measured in nominal dollars is higher than it has ever been.
A party, the debtor, is obligated by debt to pay another person, the creditor, money, or another agreed-upon value. In contrast to an immediate purchase, debt involves postponed payments or a series of payments. A firm, individual, local government, sovereign state or nation, or another entity may be liable for the debt.
The quantity and timing of principle and interest repayments are often governed by contractual agreements for commercial debt. The several sorts of debt include loans, bonds, notes, and mortgages. In contrast to equity, financial transactions are classified as either debt or equity in financial accounting.
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