Federal Budget Deficit: Difference between revisions
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='''General Information'''= | ='''General Information'''= | ||
Definition: The opposite of a budget surplus, a deficit is when the government spends more money than it takes in. Essentially government expenditures and transfer payments are greater | Definition: The opposite of a budget surplus, a deficit is when the government spends more money than it takes in. Essentially government expenditures and transfer payments are greater than the revenue from taxes. This is assuming that taxes are the main form of revenue. | ||
G>T = A budget deficit | G>T = A budget deficit | ||
Revision as of 01:58, 6 December 2006
General Information
Definition: The opposite of a budget surplus, a deficit is when the government spends more money than it takes in. Essentially government expenditures and transfer payments are greater than the revenue from taxes. This is assuming that taxes are the main form of revenue.
G>T = A budget deficit
G= federal, state, and local government spending on currently produced goods and services
T= federal, state and local tax revenue
