According to A Citizen's Guide to the Federal Budget, a budget deficit is defined as, "the difference produced when spending exceeds revenues in a fiscal year." Paraphrase the definition and explain how a budget deficit occurs.

According to A Citizen's Guide to the Federal Budget, a budget surplus is defined as "an amount by which revenues exceed outlays."

I can paraphrase this in the following way to ensure that it explains how it can result into surplus.

Surplus normally the amount by which revenues exceed expenditures in the federal budget this will automatically lead to budget surplus.

But it is worth noting that the federal government only run a surplus only in four years in the last half century that is from 1998 to 2001.

Explanation:

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explanation:

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