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Why is the National Debtso high?

America's growing debt is the result of simple math — each year, there is a mismatch between spending and revenues.

When the federal government spends more than it takes in, it has to borrow money to cover that annual deficit. And each year’s deficit adds to our growing national debt.

Historically, the largest deficits were caused by increased spending around national emergencies like major wars or the Great Depression.