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ABC News
ABC News
Business
political reporter Tom Lowrey

The government is sitting on (nearly) a trillion dollars of debt. How big a problem is it?

There's one phrase that's been getting a real work-out ever since Labor's election win in May.

The treasurer and finance minister have both made plenty of references to the "trillion dollar debt" weighing down the budget they inherited.

It has helped build a case for restrained spending and budget repair, offered as a key reason why the government cannot take up all sorts of ideas.

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