Fiscal year-budget balance and national debt

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Reference no: EM13982332

Suppose that U.S. debt is $100 trillion dollars at the beginning of the fiscal year. During the fiscal year, the government spending is $7 trillion and government transfers are $2 trillion and tax revenues equal $10 trillion. At the end of the fiscal year, the budget balance is ________ and the national debt is __________ :

-$19 trillion; $81 trillion.

$19 trillion; $119 trillion.

$1 trillion; $99 trillion.

- $1 trillion; 101 trillion.

Reference no: EM13982332

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