Deficit and debt are not the same thing. To make up numbers, lets say your budget for the year is 100. You spend 100 and borrow 50 and you spend it too. Your budget is at zero, not in deficit, but your debt went to 50.

If your budget was 100, you spent 75 and borrowed 50 and spent it, you have a 25 budget surplus and a 50 debt.

Now keep running totals every year.

See how easy it is?

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