Gross Debt is defined as which of the following?

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Gross debt captures the total borrowing the government could have, not just what it has already borrowed. It includes both debt currently outstanding and debt that has been legally authorized but not yet issued. This broader view shows the full potential liability and the scale of obligations facing the fiscal framework, since authorized but unissued debt represents future borrowing that could be put into effect.

Including authorized but unissued debt matters because it reflects the government’s borrowing capacity and potential future commitments, which are part of the overall indebtedness. In contrast, counting current assets with debt would mix assets and liabilities and isn’t how debt is measured. Limiting to debt currently outstanding ignores the authorization that could be drawn upon later. Debt that has been issued but paid off isn’t ongoing debt any more, so it isn’t counted as debt in the current measure.