Final answer:
The national debt is the total amount the U.S. federal government owes, which was around $18.58 trillion as of July 2015. It is vital to check the most current figures for accuracy. This debt affects the government's borrowing costs, investor confidence, and the overall economy.
Step-by-step explanation:
The national debt refers to the total amount of money that the U.S. federal government owes, which is the sum of all outstanding Treasury bonds. The national debt can fluctuate daily as the government incurs budget deficits, leading to the selling of Treasury bonds to cover the difference between spending programs and tax revenues. As of July 2015, the national debt was approximately $18.58 trillion. One important aspect to note is that this figure can increase significantly over time and is subject to change, therefore, it's crucial to access the most recent data through reliable resources, such as the U.S. Debt Clock. Additionally, the total debt, which includes federal, state, and local government debt, was expected to be around $21.694 trillion at the end of the fiscal year 2015.
A balanced budget is when a government's total revenues are equal to or greater than its total expenditures within a fiscal year, meaning it does not need to borrow money through debt instruments like Treasury bonds. The national debt impacts the federal government by influencing interest rates, borrowing costs, and by extension, the economy's health. As the debt grows, it may create concerns about the country's financial stability and affect the confidence of investors and other countries.