Suppose the national debt increased from 2002 to 2003. We can conclude that for

Question

Suppose the national debt increased from 2002 to 2003. We can conclude that for the year, the federal government

Question 1 options:

A) collected more taxes than were needed to pay for the  year's spending.

B) ran a budget deficit.

C) failed to issue new bonds to replace maturing bonds.

D) exchanged old internal debt for new external debt.

Which of the following groups analyzes the President's budget proposal for the House of Representatives and the Senate?

Question 2 options:

A) The Congressional Budget Office.

B) The Office of Management and Budget.

C) The Council of Economic Advisors.

D) The House and Senate Budget Committees.

If the fiscal year begins without a budget and Congress fails to pass a continuing resolution, then

Question 3 options:

A) the President has the right to raise the debt ceiling.

B) federal agencies operate on the basis of the previous year's budget.

C) the interest rate paid on the national debt automatically increases.

D) the federal government shuts down

Explanation / Answer

1B) Ran a budget deficit. National debt and budget deficit are positively related

2A) The Congressional Budget Office - The United States Budget Process is a framework used by Congress and the President of United States to formulate and create the United States Federal Budget

3D) The Federal Government shuts down if the fiscal year begins without a budget and Congress fails to pass a continuing resolution

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