a) A balanced budget is a budget in which revenue is equal to expenditure. There is neither a deficit nor a surplus.
b) Federal entitlements are benefits provided by national government programs for people who meet eligibility requirements.
c) Social security is a large entitlement. It acts as a barrier to a balanced budget because it requires the government to pay out large amounts of money. Retired Americans are paying less in taxes now that they have a smaller income and are receiving more from the government in the form of benefits. As the retired population grows, the national government must pay out more and more money.
d) Large budget deficits require the government to borrow money and become indebted to banks and other nations. It can also lower the esteem of the country and cause a government to lose international respect and its sense of reliability and strength.
e) The projected revenue for 2012 was $2.6 trillion. Expenditures were $2.6 trillion and the deficit was $1.1 trillion.
http://www.usgovernmentrevenue.com/federal_budget_fy12
f) The total national debt is $16.53 trillion
http://www.usdebtclock.org/
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