USA HISTORY

Detailed explanation-1: -deficit financing, practice in which a government spends more money than it receives as revenue, the difference being made up by borrowing or minting new funds.

Detailed explanation-2: -Deficit spending is an economic policy in which a government spends more money raised by borrowing than it receives in revenue.

Detailed explanation-3: -Surplus Budget is the type of budget where the expected government revenue is greater than expected government expenditure due to which there is a surplus in the budget.

Detailed explanation-4: -A budget deficit occurs when a government spends more in a given year than it collects in revenues, such as taxes. As a simple example, if a government takes in $10 billion in revenue in a particular year, and its expenditures for the same year are $12 billion, it is running a deficit of $2 billion.

Detailed explanation-5: -A government runs a fiscal deficit when, for a specific period, it spends more money than it takes in from taxes and other revenues, excluding debt. This gap between income and spending is subsequently closed by government borrowing, increasing the national debt.