In the context of the U.S. federal budget, what were the approximate figures for revenue and expenditures, respectively?

A. Revenue: $3.89 trillion, Expenditures: $4 trillion
B. Revenue: $4 trillion, Expenditures: $3.89 trillion
C. Revenue: $7.89 trillion, Expenditures: $4 trillion
D. Revenue: $3.89 trillion, Expenditures: $7.89 trillion

Question

18-08-2024
Business

High School

Thank you for visiting In the context of the U S federal budget what were the approximate figures for revenue and expenditures respectively A Revenue 3 89 trillion Expenditures. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!

In the context of the U.S. federal budget, what were the approximate figures for revenue and expenditures, respectively?

A. Revenue: $3.89 trillion, Expenditures: $4 trillion
B. Revenue: $4 trillion, Expenditures: $3.89 trillion
C. Revenue: $7.89 trillion, Expenditures: $4 trillion
D. Revenue: $3.89 trillion, Expenditures: $7.89 trillion

Answer :

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FarzaLC FarzaLC · Answer 1 · 2024-09-23T21:46:13-04:00

Final answer:

The U.S. federal budget typically reflects an imbalance between revenue and expenditures, with the former falling short of the latter. The most appropriate recent figures are approximately $3.4 trillion in revenue and $6.8 trillion in expenditures.

Explanation:

In the context of the U.S. federal budget, the approximate figures for revenue and expenditures respectively are best represented by Revenue: $3.4 trillion, Expenditures: $6.8 trillion. The U.S. government spending has steadily increased over the years, from $93.4 billion in 1960 to $6.8 trillion in 2020.

However, total revenue has not consistently matched this growth, leading to annual budget deficits. Most prominently in recent years, the nation has observed a significant budget shortfall due to the Tax Cuts and Jobs Act in 2017, which reduced corporate income tax, contributing to a deficit growing towards $1 trillion.

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