A budget serves as a spending plan based on income and expenses. It estimates how much money will be made and spent over a certain period of time, such as monthly or yearly. To budget accurately, one should account for potential budgeting risks and accommodate them. When one experiences a budget deficit, current expenses are exceeding the income received through standard operations (Barone, 2023). These typically affect individuals, businesses, and the economy overall because as bills go unpaid, credit scores plummet, making new credit more expensive. For a company, if their bonds ratings fall, they'll end up paying higher interest rates to get any loans, which are called junk bonds (Amadeo, 2021). Economically, deficit spending increase US debt to unsustainable levels, which means the country's debt to gross domestic product ratio is 77% or higher. Discuss