Final answer:
A deficit is the annual budget shortfall between revenues and expenditures. The government spends more money than it has collected in taxes, creating a deficit. This deficit needs to be financed by borrowing money from citizens or foreign countries through the sale of government debt.
Step-by-step explanation:
Deficit spending occurs when the federal government expends more funds than it gathers through revenues, like taxes. This is often a deliberate policy to achieve economic growth, stability, or full employment, but can also happen due to unplanned circumstances. When the government runs a deficit, it raises money by borrowing, often selling treasury bonds to domestic and foreign investors. The sum of all this debt comprises the national debt.
The selection of cabinet members is another significant aspect of government. The cabinet is composed of individuals who head the executive departments of the United States government. The assembling of a cabinet reflects the president's priorities and the promise to the electorate, often showcasing diversity and bipartisanship, hoping to present an administration that 'looks like America' as mentioned by past presidents.