Answer:
a. Surplus budget
b. Balanced budget
c. Budget deficit
d. Government Debt
Explanation:
The terms budget surplus, budget deficit, and balanced budget all characterize the difference between the amount that the government spends and collects over some time period.
When the government collects more in tax revenue than it spends, a budget surplus occurs. Taylor notes that surpluses occurred during President Clinton's second term in office but that they went away when President Bush took office.
When the government spends more than it collects in tax revenue, a budget deficit occurs.
When the government spends the same amount that it collects in tax revenue, a balanced budget occurs.
Government debt is the accumulation of deficits and surpluses across time. Government debt is a measure of what the government owes.
