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.
The federal deficit has shrunk for 2015 but the national debt continues to grow. (Photo: Michael Reynolds/EPA/Newscom) The Obama administration is trumpeting a shrunken federal deficit as new justification for more spending and an end to mandatory budget cuts. The Congressional Budget Office, though, already has warned of âdramaticâ debt trouble ahead.