21.0% $4.4 6.3% $1.3 Medicare Nondefense of GDP Trillion 31% of GDP of GDP Trillion 3.0% of GDP $644 Billion $661 Billion Medicaid 1.9% of GDP Other Outlays for many programs related $409 Billion 3.0% of GDP to transportation, education, Outlays for $642 Billion veterans' benefits, health, housing Medicare minus assistance, and other activities income from premiums and other offsetting receipts Outlays for unemployment compensation, federal civilian and military retirement, some veterans' benefits, the earned income tax credit, the Supplemental Nutrition Assistance Program, and other mandatory programs, minus income from offsetting receipts 1. What is the federal budget and what does it consist of? 2. Explain the difference between outlays and revenue? 3. What accounts for most of the government revenue 4. What accounts for most government outlays or expenditures? 5. The federal budget had a deficit in 2019, explain why that was the case? And what c the government do to close the gap in its budget