1. What is the difference between deficit and debt? 2. What is happening to the gross federal debt over time? 3. What years saw a very small increase in debt? 4. When did the debt start rising at a quicker pace? 5. a) Between what years did the government see a surplus in their budget? b) How is that shown in the gross federal debt graph? c) Who was president at that time? 6. a) What year saw the biggest deficit? b) Who was president in that year? #8109 c) How do you think he lowered the deficit over the next few years? 7. How much is the deficit in 2022? 22,000 20,000- 18,000 16,000 14,000 12,000- 10,000 8000- 6000 4000- 2000 0 Gross Federal Debt (billions of dollars) (b) 2015 2017 (est.) 400 200- 0 -200- -400- -600- -800- -1000- -1200- -1400 -1600 Surplus or Deficit (billions of dollars) Positive values are surpluses. Negative values are deficits. (a) 2005