英语翻译
When a government spends more than it collects in taxes,it borrows from theprivate sector to finance the budget eficit.The accumulation of past borrowing is the government debt.Debate about the appropriate amount of government debt in the United States is as old as the country itself.Alexander Hamilton believed
that “a national debt,if it is not excessive,will be to us a national blessing,”whereas James Madison argued that “a public debt is a public curse.” Indeed,the location of the nation’s capital was chosen as part of a deal in which the federal
government assumed the Revolutionary War debts of the states:because the Northern states had larger outstanding debts,the capital was located in the South.