Explain How It Is Possible for the Government Budget Deficit

question 54

Essay

Explain how it is possible for the government budget deficit to rise or fall without Congress taking steps to change spending or taxes?

---

Definitions:

Buildings

Assets classified in accounting, representing structures owned by a business for purposes such as offices, manufacturing, or storage.

Prepaid Insurance

Insurance premiums paid in advance by a company, which are recorded as an asset on the balance sheet until the coverage period lapses.

Asset Accounts

Accounts that represent resources owned or controlled by a company that have future economic value.

Accounts Payable

Financial obligations of a company towards creditors, resulting from goods and services acquired on a credit basis.