Tag Archives: taxes

BUDGET DEFICIT

the amount by which a government’s annual expenditures exceed its annual tax revenues

Government budget deficits can be cured by cutting spending, raising taxes or a combination of the two. Deficits must be financed by borrowing money. Interest must be paid on borrowed funds, which increases the deficit.


In the news… U.S. budget deficit totals $974B through July (CBSNEWS.COM, 9/10/12)

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BUDGET SURPLUS

the amount by which a government’s annual tax revenues exceed its annual expenditures

In the news… President Obama Sees First Budget Surplus Of Presidency

STARVING THE BEAST

A political strategy employed by US Republican lawmakers designed to limit government spending by cutting taxes thereby depriving the government of revenue

In the news… Paul Krugman / Starve the beast: Fiscal calamity is the GOP’s plan to shrink government

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