The federal debt is the total amount borrowed from investors to finance government spending. In 1940, it was $50.7 billion. If the federal government attains a balanced budget,

The federal debt is the total amount borrowed from investors to finance government spending. In 1940, it was $50.7 billion. If the federal government attains a balanced budget, the federal budget deficit, an excess of expenditures over revenues of $307 billion. And federal budget surplus is equal to the difference of expenditures less than revenues. Federal budget is an annual plan or outlining offer revenues and expenditures for the coming year.