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A budget surplus means the opposite: in total, the government has removed more money and bonds from private holdings via taxes than it has put back in via spending. Therefore, budget deficits, by definition, are equivalent to adding net financial assets to the private sector, whereas budget surpluses remove financial assets from the private sector.
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs.
A budget surplus means the opposite: in total, the government has removed more money from private bank accounts via taxes than it has put back in via spending. Therefore, budget deficits, by definition, are equivalent to adding net financial assets to the private sector; whereas budget surpluses remove financial assets from the private sector.
The State Accounting Office, in a Monday report, said Georgia ran a $5.3 billion surplus in the 2022 budget year ended June 30, even after spending $32.6 billion.
Figures from Treasury showed the government is expected to post a surplus of A$9.3 billion ($6.14 billion) for the fiscal year to June 2024, after a A$22.1 surplus last year, marking the first ...
The U.S. reported budget surpluses in only four years between 1970–2020, during fiscal years 1998–2001, the last four years budgeted by President Bill Clinton. These surpluses are attributed to a combination of a booming economy, higher taxes implemented in 1993, spending restraint, and capital gains tax revenues. [2]
With one month to go before the fiscal 2023 year ends on Sept. 30, the government's year-to-date deficit totaled $1.524 trillion, a 61% increase over a $946 billion budget gap for the same period ...