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English definition of “national debt”

national debt

noun [S]     (also national deficit, also US public debt, also US public deficit) ECONOMICS
the total amount that is owed by a country's government because it has spent more than it has taken in taxes, etc.: The national debt is now equivalent to the country's annual GDP.cut/pay down/reduce the national debt The Finance Ministry aims to pay down the national debt by selling its stake in the energy industry.
(Definition of national debt noun from the Cambridge Business English Dictionary © Cambridge University Press)
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