If the government's outlays are $1.5 billion and its tax revenues are $2.2 billion, the government is running a budget

Name: If the government's outlays are $1.5 billion and its tax revenues are $2.2 billion, the government is running a budget
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A budget surplus occurs when tax revenues exceed outlays. Here, tax revenues ($2.2 billion) are greater than outlays ($1.5 billion) by $0.7 billion, resulting in a surplus.

If the Government's Outlays Are $1