MINIMOUSE7596 MINIMOUSE7596
  • 03-01-2020
  • Business
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A ______________________ is created each time the federal government spends more than it collects in taxes in a given year.

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waseemanis1
waseemanis1 waseemanis1
  • 03-01-2020

Answer:

Budget deficit / Fiscal deficit

Explanation:

At the start of the year, every government prepares a budget e.g. all sources of revenue (direct taxes, indirect taxes, aids etc) and projected expenses are also mentioned (development of society, defense etc.).

When a government spends more than its revenue from taxes so it means that government is running a budget deficit or a fiscal deficit which are covered through fiscal measures by government e.g. increasing taxes or reducing public spending.

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