Every day in New York City, hundreds of people walk past a huge digital billboard with giant numbers printed on the front. Each person who passes by this billboard sees a slightly different arrangement of numbers, which becomes larger every second. This body is the National Debt Clock, which represents the more than $14 trillion currently owed by the United States. While some argue that the national debt is caused by the downturn in the economy, most argue that the debt itself causes the economy to be poor (Budget Deficits 2007). Increased debt leads to higher interest and investment rates and reduces our national savings. Ignoring the national debt leaves the primary burden of repaying it to subsequent generations, while in the process allowing our country's economy to collapse further and our dependence on other nations to increase. What is national debt? National debt is the amount of money the nation owes to states, foreign countries, and any other “creditors holding U.S. debt instruments” (national debt versus national deficit). The national debt is different from the national deficit, or budget deficit, which is the difference between how much money the United States earns and how much it spends on an annual basis. The budget deficit constitutes a significant portion of the national debt. The United States has been in and out of debt countless times throughout history, dating back to the Civil War. However, debt only became a truly significant problem much later, in the 1980s (budget deficit). Until that time, large budget deficits were generally only permitted during wartime, but this model ended after the Great Depression. Roosevelt's New Deal caused the government to spend much more than it had previously, even after the economy improved (Budget De...... middle of paper ...... “Obama Stokes Deficit Fight.” The Wall Street Journal Politics .The Wall Street Journal, nd Web. June 6, 2011. .McManus, “Drawing Budget Battle Lines.” Los Angeles Times Editorial, April 14, 2011. .Web Debt (sidebar).” File Issues and Controversies News Services, Jan. 23, 2009. Web May 25, 2011. .Silverleib, Alan “House Rejects Debt Ceiling Raise, 318-97.” Web. June 6, 2011. .Clock of US Debt, May 31, 2011. Web 2011. .