Question
During which years did the budget show a surplus? A deficit? Explain the answers.
Step 1
A surplus occurs when the income or revenue exceeds the expenses or outlays, resulting in a positive value. On the other hand, a deficit occurs when the expenses or outlays exceed the income or revenue, resulting in a negative value. Show more…
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The table shows receipts (income) and outlays (spending) in billions of dollars for the U.S. government in selected years. $$ \begin{array}{|c|c|c|} \hline \text { Fiscal Year } & \text { Receipts } & \text { Outlays } \\ \hline 2001 & 1991 & 1863 \\ 2006 & 2407 & 2655 \\ 2011 & 2303 & 3603 \\ 2016 & 3268 & 3853 \\ \hline \end{array} $$ During which years did the budget show a surplus? A deficit? Explain the answers.
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How does the current size of the U.S. budget deficit compare to the historical budget deficit or surplus for the time period since $1950 ?$
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