When tax revenues exceed outlays, the government has a ________, and when outlays exceed tax revenues, the government has a ________.

Name: When tax revenues exceed outlays, the government has a ________, and when outlays exceed tax revenues, the government has a ________.
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Question

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When tax revenues are higher than government spending, it results in a budget surplus. Conversely, when government spending exceeds tax revenues, it leads to a budget deficit.

When Tax Revenues Exceed Outlays, the Government Has a ________