Dace definition: A dace is a type of fish that lives in rivers and lakes . | Meaning, pronunciation, translations and examples English Dictionary | Thesaurus | Translator | Grammar | Scrabble | Blog English
A budgetary situation when the expenses incurred by the government are over and above the tax revenues taken in. Also called Federal Debt.
In fiscal year 2015, the federal government is expected to borrow $583 billion to make up the difference between $3.18 billion in revenues and $3.8 trillion in spending. Borrowing constitutes a major source of revenue for the federal government. Down the road, however, the Treasury must pay back the money it has borrowed, and pay interest as well. In 2015, the federal government will pay $229 billion in interest on the national debt. For more on this topic, see Federal Budget 101: Borrowing and the Federal Debt.