When the U.S. government spends more than it receives within a fiscal year, this is called the
A) economic debt.
B) federal deficit.
C) fiscal debt.
D) national debt.
E) consumer debt.

Question

Quizplus · Accepted Answer

When the U.S. government spends more than it receives within a fiscal year, it is known as a federal deficit. This is different from the national debt, which is the cumulative amount of money owed by the government due to past deficits and borrowing.