Federal government receipts minus expenditures is the federal surplus or deficit.

Name: Federal government receipts minus expenditures is the federal surplus or deficit.
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This is a correct statement. Federal surplus or deficit is calculated as the difference between the federal government's receipts (revenue) and its expenditures (spending). If revenue is greater than spending, then there is a surplus. If spending is greater than revenue, then there is a deficit.

Federal Government Receipts Minus Expenditures Is the Federal Surplus or Deficit