Final answer:
The statement that the U.S. government has to borrow 41 cents of every dollar it currently spends is true, indicating a budget deficit and the need to borrow money. The current U.S. government debt is $22 trillion. Managing spending and reducing the deficit are crucial.
Step-by-step explanation:
The statement that the U.S. government has to borrow 41 cents of every dollar that it currently spends is true. This means that the U.S. government is spending more than it is taking in through revenue, leading to a budget deficit. To cover this deficit, the government needs to borrow money by issuing Treasury bonds, notes, and bills.
This borrowing leads to an increase in the national debt, which is the total amount of money the government owes its creditors. As of March 2021, the U.S. government's total debt is $22 trillion. Despite efforts to reduce the deficit, the government still needed to borrow over $400 billion in 2016.
To illustrate this, if the government spends $1, it needs to borrow 41 cents to cover the shortfall. This highlights the importance of managing government spending and finding ways to reduce the deficit.