Which of the Following Is Correct with Regard to Budget

Short Answer

Which of the following is correct with regard to budget deficits and the national debt?
Canada's national debt is the amount of money Canada owes the United States.
A budget deficit occurs when income tax revenue is less than interest payments on the national debt.
A budget deficit occurs when government expenditures in a given year exceed government revenues.
There is no relationship between annual budget deficits and the total national debt.
The national debt is more important than annual budget deficits.