USA HISTORY

Detailed explanation-1: -The amount by which spending exceeds revenue, $421 billion in 20232, is referred to as deficit spending. A budget deficit occurs when the money spent exceeds the money collected for a given period.

Detailed explanation-2: -A budget deficit occurs when money going out (spending) exceeds money coming in (revenue) during a defined period. In FY 2022, the federal government spent $6.27 trillion and collected $4.90 trillion in revenue, resulting in a deficit.

Detailed explanation-3: -When the government incurs more public expenditure for governmental projects then its expenditure exceeds its revenue, and this is called deficit budget. Q. When government revenue exceeds government expenditure, it is known as budget.

Detailed explanation-4: -Hence, when government expenditure is greater than receipts to the government it is called deficit budgeting.