Final answer:
The correct answer is (b). A $1.5 trillion deficit. This represents the amount by which government spending exceeds tax revenues in a given year, which in turn adds to the total national debt.
Step-by-step explanation:
If the U.S. Congress passes a budget that includes government spending of $5 trillion and projected tax revenues of $3.5 trillion, the difference between these two figures represents the budget deficit for that year. The budget deficit is calculated by subtracting the total amount of tax revenues from the total government spending. In this case, $5 trillion (spending) - $3.5 trillion (revenues) equals a $1.5 trillion deficit. This means that for this particular year, the U.S. would need to borrow an additional $1.5 trillion to meet its spending requirements.
The total debt of the U.S. government is the accumulated deficits minus any surpluses from all previous years, plus the current year's deficit or surplus. A budget deficit adds to the existing debt, while a surplus would reduce it. Therefore, the passage of a budget resulting in a $1.5 trillion deficit for the current year would add to the total debt but does not alone represent the total debt of the U.S. government.