Distinguish between: 3. Deficit budget and balanced budget

Distinguish between:
3. Deficit budget and balanced budget

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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