Which of the following is not correct about a budget deficit? Select the correct answer below: A budget deficit is a financial situation in which the government receives more money in taxes than it spends in a year. A budget deficit often occurs during recessions when tax revenues drop. A budget deficit is a financial situation in which the federal government spends more money than it receives in taxes in a given year. A budget deficit is a financial situation in which the federal government has to borrow money in order to cover some of its expenditures