Total debt, or unpaid borrowed funds, carried by the federal government of the United States to finance its operations.
Monetary doves argue that increased federal spending and borrowing stimulates the economy while creating social safety nets. They also suggest that the threats of price inflation are countered by productivity gains and the well-being of citizens.
Monetary hawks argue that a growing national debt creates high inflation rates that harm consumers and businesses. They also suggest that excessive debt imperils economic independence as U.S. bonds are held by foreign governments and investors.