<P> A government budget is a financial statement presenting the government 's proposed revenues and spending for a financial year . The government budget balance , also alternatively referred to as general government balance , public budget balance , or public fiscal balance , is the overall difference between government revenues and spending . A positive balance is called a government budget surplus , and a negative balance is a government budget deficit . A budget is prepared for each level of government ( from national to local ) and takes into account public social security obligations . </P>
<P> A government budget is a financial statement presenting the government 's proposed revenues and spending for a financial year . The government budget balance , also alternatively referred to as general government balance , public budget balance , or public fiscal balance , is the overall difference between government revenues and spending . A positive balance is called a government budget surplus , and a negative balance is a government budget deficit . A budget is prepared for each level of government ( from national to local ) and takes into account public social security obligations . </P>
when the government 's expenditures are greater than tax revenues
when the government 's expenditures are greater than tax revenues
government budget deficit
government budget deficit