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Debt and Deficit Primer

John Taylor discusses the major components of fiscal policy and their effect on the US economy. This series covers the complexities of the budget process, the debt and deficit, and the economy and the deficit.
An explanation of how economists, Congress, and the President debate and form the US budget.
These terms are commonly used interchangeably, however this video debunks the difference between the federal debt and the federal deficit.
What are the various factors contributing to a surplus or deficit and how do they relate to the state of the economy.