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Recall that the National Savings has 2 components, private s…
Recаll thаt the Nаtiоnal Savings has 2 cоmpоnents, private savings and public savings. The 2 variables that define public savings is government spending (G) and taxes (T). In this context, when the federal government spends more money than it receives in taxes in a given year, it runs a [option1] or [option2]. Conversely, when the government receives more money in taxes than it spends in a year, it runs a [option3] or [option4]. If government spending and taxes are equal, it has a [option5] budget. According to the Congressional Budget Office, in 2024, the federal government spent $6.9 trillion, where almost $4.9 trillion was financed by federal revenues. In this context, in 2024 we had a budget [option6]. Finally, a country's ability to pay its debt is measured by [option7] ratio. The higher is this ratio, the [option8] is the country's ability to pay its debt.