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The national debt of the United States stands at over $26.7 trillion as of now. This translates to almost $81,000 per person in the US. The key reason why the national debt of the United States continues to rise is due to expenses exceeding revenue. That is, government revenue is usually less as compared to its revenue owing to several factors. Since the government spends more than what it earns, it faces a budget deficit each year. The government has to borrow money in order to cover the deficit. But when it borrows money to cover the budget, the national…