- "Budget deficit" redirects here; not to be confused with Government debt.
A
government budget is a government document presenting the government's proposed
revenues and
spending for a
financial year. The
government budget balance, also alternatively referred to as
general government balance,
public budget balance, or
public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a
government budget surplus, and a negative balance is a
government budget deficit. A budget is prepared for each level of government (from national to local) and takes into account public
social security obligations.