The Federal Budget and the National Debt

Who proproses the National budget

• Congress
• President
• Justices

All of the money borrowed by the federal government over the years and still outstanding is known as

• federal revenues
• national debt
• tax expenditures
• tax reductions

A budget deficit occurs when...

• The government brings in more revenue than it spends for a given year
• The government spends more money than it brings in for a fiscal year

How large is the US National Debt?

• 2.3 Million

• 23 Million

• 23 Billion

• 23 Trillion

When does the Fiscal year begin for the government?

• January 1

• April 1

• October 1

• December 1