Long Default ยท U.S. Fiscal Record
National Debt vs. Federal Deficit
Learn the difference between the U.S. national debt and the federal deficit, how they relate, and why they do not always move together.
Source-backed fiscal history
This explainer is part of a 237-year searchable fiscal archive built from Treasury, OMB, CBO, and other cited public records.
Long Default distinguishes annual debt balances from budget flows such as receipts, outlays, deficits, and net interest. Every available record links the measure to its stated coverage and public-source context.