There’s been a lot of news recently about the government’s ongoing battle over the deficit and the debt ceiling.
But what does it all really mean?
If you happened to be snoozing through most of your 12th grade economics class, here’s a quick refresher:
The deficit is the gap between what the government spends and what it actually makes in revenue (through taxes).
So, basically, to put it into first-grade math terms: (D)eficit = (S)pending – (R)evenue