Budget deficits refer to the situation when a government's expenses exceed its revenues in a given time period, leading to an overall negative balance.
National Debt: The total amount of money owed by the government due to accumulated budget deficits over time.
Fiscal Policy: The use of government spending and taxation to influence the economy and address budget deficits or surpluses.
Balanced Budget: When a government's expenses equal its revenues, resulting in no deficit or surplus.
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