Explain the relationship between budget deficits and the national debt.
The relationship between budget deficits and national debt.
The sum of federal budget deficits in the past is known as the national debt. When there is a large budget deficit, it implies that the rate of increase in national debt is high. When the budget deficit is small, it implies that the rate of increase in national debt is low.
Budget deficit: Budget deficit is a situation in which the expenditure of the government exceeds the revenue of the government.
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