Question

A deficit is ________.

the overall amount owed by government for past borrowing
the annual budget shortfall between revenues and expenditures
the cancellation of an entitlement program
all the above

Answer 1

A deficit is the annual budget shortfall between revenues and expenditures.

Step-by-step explanation:

The situation in which the revenue falls short of the expenses there occurs the budget deficit. When the expenses increases and the income becomes less, a deficit occurs. The budget deficit can be cut back by cutting or excluding some of the expenditures and by increasing the revenue respectively.