What is the difference between a budget deficit and a budget surplus?
1
A budget deficit occurs when government spending exceeds revenue, while a budget surplus occurs when government revenue exceeds spending.
2
A budget deficit occurs when government revenue exceeds spending, while a budget surplus occurs when government spending exceeds revenue.
3
A budget deficit occurs when tax revenues increase, while a budget surplus occurs when tax revenues decrease.
4
A budget deficit occurs when the government borrows money, while a budget surplus occurs when the government repays its debt.