An economy has unexpected growth that increases national payroll tax revenues.
What is a national surplus?
- When the government raises more revenue than it spends, a surplus is created.
- The federal government last had a surplus in 2001.
What is a national deficit?
- A government runs a deficit when it spends more than it takes in (typically by borrowing money).
- A national budget deficit occurs when government spending exceeds its receipts from taxes and other sources, such as fines, levies, and fees.
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