Gov't Spending 1. Why does the federal budget's proposal offer only a rough estimate of the actual revenues and expenditures? 2. What is the difference between a federal budget deficit and a federal budget surplus? 3. What is the difference between mandatory spending and discretionary spending in the federal budget? 4. Who approves government spending at the local level? 5. What area of expenditure is the primary responsibility of the local government? 6. What is the only way the annual budget can lower the federal debt? 7. Why do most economists tend to disregard trust fund balances? 8. How much of the public debt is owed by foreigners