(Therese Boudreux, The Center Square) With the federal government borrowing $2 trillion over the past 12 months, 88% of U.S. voters say addressing the federal deficit is important – yet they disagree on what the best solution is, new polling shows.
When federal spending in a year is higher than collected revenues – such as money from taxes and tariffs – the U.S. government runs a deficit, which adds to the national debt. The most recent year that the government ran a surplus instead of a deficit was 2001.
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