If federal tax revenues are less than federal expenditures in a given year, then there is a federal deficit for that year.
A budget federal deficit occurs when expenses exceed revenue and can indicate the financial health of a country. The term is commonly used to refer to government spending rather than businesses or individuals.Budget deficits affect the national debt, the sum of annual budget deficits, and the cumulative total a country owes to creditors.
A budget deficit occurs when expenses exceed revenue. Certain unanticipated events and policies may cause budget deficits. Countries can counter budget deficits by raising taxes and cutting spending.
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