In the United States, the federal government had one "budget deficit" in 2020, which resulted in "rising" national debt.
Define the term budget deficit?
An overrun in spending over income results in a budget deficit, which can be a sign of a nation's financial stability.
- The phrase is frequently used to describe government expenditures rather than that of companies or people.
- An overrun in spending over income results in a budget deficit, which can be a sign of a nation's financial stability.
- The phrase is frequently utilized to refer to federal spending rather than that of companies or people.
- When spending within a specific time period is greater than receipts, a budget deficit results.
- The budget deficit for FY 2021 was $2.8 trillion, ranking second in history only to the $3.1 trillion deficit for FY 2020.
Thus, the federal government of the United States experienced a "budget deficit" during 2020, that led to "growing" national debt.
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