Section 2

they are government revenue not generated from taxes. Example; Loans, or other borrowing, from monetary funds and/or other governments

What are the nontax sources of government revenues

Deficit spending- government spending, in excess of revenue, of funds raised by borrowing rather than from taxation. Deficit financing- government funding of spending by borrowing.

What's the difference between deficit spending and deficit financing?

It comes from a variety of sources including canal tolls; fees for passports, copyright, and patents, interstate earned and selling philatelic stamps

Where does non tax revenues come from?

Congress

Who has the power to borrow money on the credit of the U.S

The meaning of surplus is more income then spending

Meaning of surplus

Causes- deficit financing, failure to repay the debt overtime, and interest accruing on the existing debt

Causes of public debt

Effect- increased revenue needed to pay off the debt.

Effects of public debt

Short term

Historically the power to borrow has been for what kind of term?

Part of the bonds are open to the public; individuals, state governments, foreign governments and corporations can buy them.

How does the federal government borrow money?

The meaning of deficit is a shortfall between income and spending

Meaning of deficit