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National debt is the total amount of money owed by a country’s government to its creditors. It is the sum of all borrowing and accumulated deficits over time. The debt can be in the form of bonds, Treasury bills, and other securities that the government issues to investors. High levels of national debt can have negative economic consequences, including higher interest rates, inflation, and reduced access to credit. Governments often attempt to manage and reduce their national debt through various economic policies and strategies.
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