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