A budget surplus is when revenues exceed spending.#
- When the government has a surplus, it has extra money that can be reinvested or used to pay off debt.
- Scarcity is the opposite of excess. When spending exceeds revenue, the government must borrow money to fund spending.
- The last time the US had a budget surplus was in 2001.
- In 2021, the US budget deficit was more than $2.8 trillion.