| 单词 | budget surplus |
| 释义 | budget surplus The excess of a government's total income over its expenditure. This can be used to repay government debt. Budget surpluses can be calculated for any level of government: central, local, state in federal countries such as Germany or the United States, or for general government, which is all these levels combined. It is important to distinguish whether the surplus is calculated including as expenditure the nominal or the real interest on government debt; conventional measures of the surplus use nominal interest, but an inflation-adjusted budget surplus would include real interest only. The cyclically adjusted budget surplus is what the surplus would be if the existing tax and spending rules were maintained, but national income rose or fell to its normal level; this can only be estimated. |
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