The Federal Budget

Front

What is a budget?

Back

A plan for spending and savings

Front

How often does the federal government create a budget?

Back

Every year

Front

Where does the federal government obtain most of its revenue from?

Back

Taxes and fees

Front

What are the two largest expenses for the federal government?

Back

Social Security and Medicare

Front

What is a budget deficit?

Back

When the government has less revenue than expenses

Front

What is the national debt?

Back

The total amount of money the federal government has borrowed over the years and has not paid back

Front

Where does the federal government borrow money from? Individual citizens, Foreign governments, Itself (trust funds)

Back

All of the above

Front

What is the key to a healthy budget?

Back

Having equal revenue and expenses

Front

How much was the national debt in 2022?

Back

$31 trillion

Front

What has been the trend with the federal deficits over the last decade?

Back

Increasing