Government spending can be funded through a variety of methods, including borrowing, customs charges, taxes, the leasing or sale of natural resources, and different levies, such as national park entry fees or licensing costs.
When government fails to spend the money on the major aspects areas where money is needed, the people or public, or citizens of the country will be disappointed and upset with their government.
- A budget deficit happens when a government spends more money than it receives in taxes.
- A budget surplus occurs when a government collects more in taxes than it spends.
- A balanced budget is one in which government revenues and expenditures are equal.
Governments that borrow money must pay interest on the money they borrow, which can result in government debt.
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