Suppose that the total debt of the U.S federal government at the end of 2016 was $18 trillion and during 2017 the government runs a budget deficit of $1.5 trillion. The tax revenue of the government was _____ than spending, and the debt at the end of 2017 was:

Question

Quizplus · Accepted Answer

A budget deficit occurs when spending exceeds tax revenue, indicating that tax revenue was less than spending. The debt at the end of 2017 would be the sum of the debt at the end of 2016 ($18 trillion) and the deficit for 2017 ($1.5 trillion), totaling $19.5 trillion.

Suppose That the Total Debt of the U