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Question
Distinguish between:
Deficit budget and balanced budget
Solution
| Deficit budget | Balanced budget |
| It refers to the excess of total budget expenditure over the total budget receipts. | It refers to the budget in which the total budget expenditure is equal to the total budget receipts. |
| It leads to an increase in the liabilities of the government or causes a reduction in its reserves. | It has no effect on the liabilities or the reserves of the government. |
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