Generally speaking, you do not need to keep the following in a safe deposit box: income tax returns, education records, employment records, bankbooks, social security cards, guarantees, and burial instructions. Keeping Tax Records. But you don't have to keep everything for tax purposes.
Definition of Deficit and Debt. 1  Deficit relies to the annual borrowing requirement of the government. 2  Debt related to the total level of public sector debt built over previous years. 3  In 2010/11 UK public sector deficit is forecast to be around Â£149bn of or 12% of GDP.
What is the National Debt? The national debt - aka the federal debt - is the total of all the past years' budget deficits, minus what the government has paid off with budget surpluses. Deficits are common: in the last half century, the federal government has run a deficit in 45 out of 50 years.