What is the difference between the federal budget deficit and the national debt?   a. The budget deficit is the amount by which expenditures exceed revenues in a particular year, while the national debt is the cumulative effect of all past budget deficits and surpluses.   b. The budget deficit is the cumulative effect of all prior national debts.   c. The national debt includes all outstanding bonds, while the budget deficit excludes bonds held by government agencies.   d. This is a trick question because there is no difference between the budget deficit and the national debt.

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