Question

The gross public debt was approximately $6 trillion in 2002 and approximately $16 trillion in 2012. These numbers definitely indicate that in the 10 years between 2002 and 2012______________.

		the government had budget deficits that totaled about $10 trillion
		the government had budget deficits of about $10 trillion per year
		government outlays increased by about $1 trillion per year
		government receipts decreased by about $1 trillion per year

Answer 1

As we know that, budget deficit means when the current government spending is more than the revenue. When government expenditure is more than the government revenue the government has to borrow in order to meet the increased expenditure.

In other words, when the expenditure or spending exceeds the income we have budget deficit.

The correct option is (a).

The government has budget deficit that totaled about $10 trillion.

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