national debt - the total indebtness of a national government. It is generally smaller than the "public debt", which includes the debt of local governments as well as that of national government, and it is usually larger than the net national debt, which emits the portion of the debt that is owed to government agencies and trust funds., avalik võlg - riigi- ja omavalitsusasutuste koguvõlg, riigivõlg - ainult kesk- ehk föderaalvalitsuse võlg