Answer:
Step-by-step explanation:
The federal budget deficit is the amount by which the government's spending exceeds its revenue in a given fiscal year. It is the difference between the amount of money the government takes in (primarily through taxes) and the amount it spends on various programs (such as social security, defense, healthcare, etc.). The deficit is generally measured on an annual basis, and it represents the amount of money that the government has to borrow in order to finance its spending.
The national debt, on the other hand, is the total amount of money that the government owes to its creditors at any given time. It includes all of the outstanding borrowing that the government has done over the years to finance its deficit spending, as well as interest on that borrowing. The national debt is a cumulative measure, reflecting the total amount of money that the government has borrowed over its entire history.
In summary, the budget deficit is the amount of money the government borrows in a single year to cover its spending, while the national debt is the total amount the government owes to creditors at any given time as a result of past borrowing.