Simple English definitions for legal terms
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Public debt is the amount of money owed by a government to its creditors. This can include debts owed to individuals, businesses, and other countries. Public debt is a liability that must be paid back with interest.
Examples of public debt include:
These examples illustrate how governments can accumulate debt in order to finance projects or services that they cannot afford to pay for upfront. However, this debt must be paid back over time, which can lead to financial challenges for the government and its citizens.
public-convenience-and-necessity standard | public-duty doctrine