host: we're here with marc goldwein. let's begin with defining deficit versus debt. do that and then tell us the difference. guest: thanks for ha. the deficit is how much we borrow each year, and the debt is the sum of all of our past deficits. if you think of a credit card, the deficit is how much you have added to a credit card bill in 2023. the debt is how much you owe total. host: where are we at right now? guest: there are different ways to measure. but i like to look at how the public is a share of the economy. we are close to 100%. it is as large as a full year's worth of output. host: why are we in this position? guest: there is no one thing, but the kobe crisis in the great recession before that included a lot of one time borrowing that got us far from our historical average of 50% to 100%. underlying that, we keep passing new tax cuts and new spending increases that widen our structural deficits and the agent of the population and rising health care costs put pressure on some of our oldest programs, social security and medicare to continue growing in cost.

host: we are back with marc goldwein, senior vice president and policy director at the committee forsible federal budget, here to talk about the deficit and federal spending. let's begin with defining deficit versus deck. -- debt. tell us the difference. guest: thanks for having me. the deficit is how much we borrow each year, and the debt is the sum of all of our past deficits. if you think of a credit card, the deficit is how much you have added to a credit card bill in 2023. the debt is how much you owe total. host: where are we at right now? guest: there are different ways to measure. but i like to look at how the public is a share of the economy. we are close to 100%. it is as large as a full year's worth of output. host: why are we in this position? guest: there is no one thing, but the kobe crisis in the great recession before that included a lot of one time borrowing that got us far from our historical average of 50% to 100%. underlying that, we keep passing new tax cuts and new spending increases that widen our structural deficits and the agent of the population and rising h

host: marc goldwein with the committee for a responsible federal budget, go to their website to findore information about our nation's >> join us tonight for c-span's new series, "books that shaped america." in partnership with the library of congress we'll look at 10 books that provoke thought, won awards, led significant societal change and still talked about today. this week we'll feature common sense, a 47-page pamphlet written by thomas paine in 1776 at the height of tensions between the american colonies and great britain. richard bell, professor at the university of maryland talks about how thomas paine drew his pamphlet, strongly urged for american independence from the monarchy and six months later the declaration of independence was signed. watch books that shaped america featuring thomas paine "common sense." online at c-span.org or scan our q.r. code to listen to our companion podcast to learn more about the authors featured. >> a healthy democracy doesn't just look like this, it looks like this. where americans can see democracy at work, when citizens are truly informed,