If tax receipts exactly equaled government outlays in a year, the federal government debt would be zero.

Name: If tax receipts exactly equaled government outlays in a year, the federal government debt would be zero.
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If tax receipts exactly equaled government outlays in a year, it would mean the budget is balanced for that year, but the federal government debt could still exist from deficits in previous years.

If Tax Receipts Exactly Equaled Government Outlays in a Year