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    before barry interjects with the difference between debt and deficit here is the difference explained courtesy of the pinko, fifth columnist, fellow travelling bbc website.





    Debt or deficit?

    Deficit - or budget deficit - is the gap between the amount the government spends in a year and the amount it raises through things like tax. It is the amount the government has to borrow in a year.

    Debt is the total amount that the government has had to borrow through successive deficits. It is the total amount that the government owes.

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