All of the Following,except One,are Correct Statements

Multiple Choice

All of the following,except one,are correct statements.Which is the exception?

A) Provincial and municipal governments in total have realized budget surpluses in some years.
B) The public debt is the accumulation of all the federal government's deficits and surpluses of the past.
C) The public debt refers to the debts of all units of government: federal,provincial and local.
D) The foreign portion of the public debt has been eliminated over the past decade.