The federal debt
A) consists of all the money borrowed over the years by the national government and still outstanding.
B) is money owed to foreign nations by the United States government when it imports more goods than it exports.
C) is all money borrowed over the years by the federal government and owed to state governments.
D) is the difference between the amount of annual tax receipts and government expenditures.
E) is money owed by taxpayers to the United States government, but never paid.
Answer: A