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Terminology (Budget) Deficit – spending more money in a year than is taken in (National) Debt – the accumulation of yearly deficits plus interest (Budget)

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Presentation on theme: "Terminology (Budget) Deficit – spending more money in a year than is taken in (National) Debt – the accumulation of yearly deficits plus interest (Budget)"— Presentation transcript:

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2 Terminology (Budget) Deficit – spending more money in a year than is taken in (National) Debt – the accumulation of yearly deficits plus interest (Budget) Surplus – spending less money in a year than is taken in

3 Budget - What is it? Estimate of Revenue List of expenditures (spending) Try to make revenues match expenditures (yeah, right) Deficit or surplus

4 When was the last time congress passed a budget?
April 27th, 2009 (for the fiscal year beginning October 1, 2008)

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13 Problems caused by the debt
Reduces funds for business investment Interest paid by the government is unavailable for other uses Some debt is borrowed from foreign nations At some point in time, the money has to be paid back

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