If during the fiscal year, the federal government takes in $3 trillion in taxes, but
spends $4 trillion, the government will have run what is called

A fiscal deficit is a condition where the government expenditures exceed its income. It is when the total budgeted expenditure estimates are more than the projected government's income. A government that budget deficits year after year is living beyond its means.

The actual fiscal deficit can be calculated by subtracting the expenditure from the projected income. In this case, the government fiscal deficit will be $1 trillion.

If during the fiscal year, the federal government takes in $3 trillion in taxes, but spends $4 trillion, the government will have run what is called

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If during the fiscal year, the federal government takes in $3 trillion in taxes, but
spends $4 trillion, the government will have run what is called