Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry about trade with other countries. Total spending for the federal government of Lilliput for the last fiscal year was $4.71 billion. The country collected $4.83 billion in taxes during this same fiscal year. Assume government transfers were zero.

Based on this information, what is Lilliput's budget balance?

budget balance:________ $ billion

In the last fiscal year, Lilliput was running

a. a balanced budget
b. a budget deficit
c. a budget surplus