Access theGovernment Publishing Office(https://www.gpo.gov/)

to obtain Historical Budgetary Tables following the steps below:

Use link: https://www.govinfo.gov/app/collection/BUDGET/ to answer following questions

Table 1.2 shows the budget of Surpluses or Deficits (-) as Percentages of gross domestic product (GDP). Determine how many times since 1950 the budget has shown a surplus and how many times it has shown a deficit using the data in the Total column, "Surplus orDeficit." Also, identify the 3 years with the highest deficits, and the year with the highest surplus as a as a percentage of GDP. What were the surplus and deficit percentages for these years?

Table 1.1 shows the budget Summary of Receipts, Outlays, and Surpluses or Deficits (-) from 1789-2022. Identify whether the highest deficits incurred in the identified years from Table 1.2 were paid with tax revenues (receipts) or borrowed funds (outlays).

How does the government gets money and where the government spends money on?

Click on the "Fiscal Year 2018" link, scroll down and obtain the PDF file for "Major Savings and Reforms" to complete the last requirement. The Major Savings and Reforms volume describes major savings and reform proposals included in the 2018 President's Budget.

• Discuss major discretionary budget eliminations. Why is it important that government budgets accurately estimate future revenues during economic downturns?