The national debt is ____ of the United States government and ___ of the people who hold it.

A) an asset;an asset
B) a liability;a liability
C) an asset;a liability
D) a liability;an asset

Liability

An obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer of assets, provision of services, or other yielding of economic benefits in the future.

Asset

Any resource owned or controlled by a business or individual that is expected to produce positive economic value or future benefit.