If the governmentʹs outlays are $1.5 trillion and its tax revenues are $2.2 trillion, the government is running a budget

Name: If the governmentʹs outlays are $1.5 trillion and its tax revenues are $2.2 trillion, the government is running a budget
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Question

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A budget surplus occurs when tax revenues exceed outlays. Here, tax revenues ($2.2 trillion) are greater than outlays ($1.5 trillion), resulting in a surplus of $0.7 trillion.

If the Governmentʹs Outlays Are $1