How are federal judg The national debt (federal debt) is the Group of answer choices total value of outstanding bills, notes, bonds, and other debt instruments issued by the Treasury and other federal agencies. amount by which the federal government's total revenues exceed its total outlays in a given period, typically a fiscal year. amount by which the federal government's total outlays exceed its total revenues in a given period, typically a fiscal year. total amount of debt owed by private individuals, companies, and all levels of government.es selected