Question

Find an article in a current newspaper or news magazine that discusses budgeting problems at the state or federal level in the United States (or a different country). Summarize the article.

Answer 1

U.S. budget deficit and surplus trends over the past five decades, and differences between the U.S. federal, state, and local budgets.

Step-by-step explanation:

U.S. Budget Deficit and Surplus Trends:

Over the past five decades, the United States has experienced a mix of budget deficits and surpluses. In the 1990s, the country had a period of budget surpluses, meaning that government revenue exceeded spending. However, in recent years, the U.S. has been running budget deficits, resulting in the accumulation of national debt.

Differences Between U.S. Federal, State, and Local Budgets:

The U.S. federal budget is a comprehensive plan for the revenue and spending of the federal government, covering areas such as defense, healthcare, and education. State and local budgets, on the other hand, focus on funding public services within specific jurisdictions. State budgets are typically funded through taxes, while local budgets rely on property taxes and other local revenue sources.