For 2007, the budget deficit totaled $162 billion, a five-year low.
At its simplest definition, if the government spends more then it gains, in a single year, then it has, what is called a 'budget deficit'. If there is a deficit, it adds to the US debt.
The central government of the US is the Federal government.
State governments have some powers that the federal government does not have.
The government had a surplus during some of Hoover's years in office . There was a 12-month period during which there was a surplus under Clinton . Of course, Congress controls the budget, the President can only make suggestions but sometimes he can spend less than he was authorized to spend by Congress.
Trade deficit
The USA has a trade deficit.
well you see, we have actually never been in debt. the us government has always has a surplus, the myth of a debt and deficit is to increase spending because the government is just greedy.
The difference, on a yearly basis, between the budget (expenses) for the federal government of the United States and revenues (income). When the expenses are more than the income, the difference is called the deficit. When the income is more than the expenses, the difference is called a surplus.
either surplus or deficit :p
The US has a trade deficit with China. That means China sends the US goods worth worth more money than those the US sends China.
The Bureau of the Census records indicated that in 2004, the United States had a trade deficit with each of its four largest trading partners.
The United States has a high trade deficit with a number of countries. It has the highest trade deficit with China, at about 27 million dollars of debt.
IN some ways we do but it is not all the way true because the government does not sure that information with us.
The difference, on a yearly basis, between the budget (expenses) for the federal government of the United States and revenues (income). When the expenses are more than the income, the difference is called the deficit. When the income is more than the expenses, the difference is called a surplus.
In 1998, the federal government recorded its firstbudget surplus in more than 25 years. Now, afteran extended period of deficits and three consecutiveyears of surpluses, both the White House Officeof Management and Budget (OMB) and the CongressionalBudget Office (CBO) have projected annualbudget surpluses for at least the next decade. Theturnaround in the outlook for the U.S. government'sfinances is stunning. Under current policies, budgetprojections show that publicly held governmentdebt, which is currently a little more than $3.5trillion, will be eliminated by around 2010-perhapsearlier if the economy continues to grow faster thananticipated.1
The current US Deficit is $11,042,553,971,450.47 (11 Trillion)