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The table below presents the tax revenue and government expenditures for the federal government. Government Tax Revenue and Expenditures Tax Revenue (billions of dollars) Government

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The table below presents the tax revenue and government expenditures for the federal government. Government Tax Revenue and Expenditures Tax Revenue (billions of dollars) Government Expenditures (billions of dollars) Income tax revenue $190 National defense $50 Payroll tax revenue 65 Transfer payments 55 Excise tax revenue 30 Interest on debt 35 Purchases of goods and services 115 Total $ Total $ Instructions: Enter your answers as a whole number. a. Complete the table above by calculating the total revenue and total expenditures for the federal government. b. Does the federal government have a budget surplus, a budget deficit, or a balanced budget? O The government has a balanced budget. O The government has a budget surplus. O The government has a budget deficit

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