When the total revenues in the federal government are greater than the total expenses in a given year, the budget is in a budget deficit and this is because the government spends more than it collects in revenue
What is a Budget Deficit?
This refers to the economic and financial term that is used in order to discuss the situation when expenses exceed the revenue of a given or particular country and have a direct effect on the financial health of the country in question.
Hence, it can be seen that in a situation when the total revenues in the federal government are greater than the total expenses in a given year, it is said that there is a budget deficit and this means that there needs to be financial analysis in order to correct this financial anomaly in order to balance the economy of the country, especially in a fiscal year.
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