The difference between national debt and debt held by the public is that

• A. debt held by the public includes inter-agency borrowing while the national debt does not.
• B. debt held by the public is expressed in real terms while national debt is expressed in nominal terms.
• C. national debt includes inter-agency borrowing while debt held by the public does not.
• D. national debt is held by individuals while debt held by the public is held by the government.
• E. None of the above.