national debtglossary / national debt national debt. The total financial obligation of the federal government, including such instruments as Treasury bills, notes, and bonds, as well as foreign debt. [Cases: United States 79. C.J.S. United States §§ 153, 169.] 词条贡献者 译员黎川,在一家顶尖澳洲律师事务所的上海办公室担任全职法律翻译,擅长翻译涉及工业与制造业领域的法律文件。