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Econ unit 5

QuestionAnswer
Fiscal Policy Government Policy with taxes and government spending
Fiscal Year Oct 1 - Sep 30 (12 Months)
Deficit When the government spends more money than it collects
Surplus When the government collects more than it spends
Deficit spending when the government borrows more money in order to keep spending
National Debt The amount that the government owes
Balanced Budget Amendment A constitutional amendment that would ban deficit spending
Mandatory Spending spending set by a law and can only be changed by law
Discretionary spending spending set by the government on a year by year basis
Who does the US owe its debt to? The US
What is the debt of the US $28 Trillion
Created by: 24acarreras
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