gross public debt

1. What is the relationship between the gross public debt and the net public debt?
2. Explain how each of the following will affect the net public debt, other things being equal.
a. Previously, the government operated with a balanced budget, but recently there has been a sudden increase in federal tax collections.
b. The federal government had been operating with a very small annual budget deficit until three successive hurricanes hit the Atlantic Coast, and now government spending has risen substantially.
c. The Government National Mortgage Association, a federal government agency that purchases certain types of home mortgages, buys U.S. Treasury bonds from another government agency.