Question

If the federal government receives $3 trillion in tax revenue over the course of one year but spends only $2 trillion, it means the government has a ______________ for the year

Answer 1

Step-by-step explanation:

If the federal government receives $3 trillion in tax revenue over the course of one year but spends only $2 trillion, it means the government has a budget surplus for the year. A budget surplus occurs when the government's revenue exceeds its expenses, which can be used to pay down debt, invest in infrastructure or public services, or returned to taxpayers through tax cuts or rebates.