Deficit: A deficit occurs when government spending exceeds its revenue in a given period. This results in borrowing or increased national debt.
Discretionary Spending: Discretionary spending refers to government expenditures that can be adjusted each year based on policy priorities, such as defense, education, and infrastructure.
National Debt: National debt is the total amount of money that a government owes to its creditors. It accumulates when a government runs deficits over time.