difference between the balance of payments deficit and the budget deficit.
The Government budget balance, also commonly referred to as general government balance,public budget balance, or public fiscal balance, is the overall result of a country's general government budget over the course of an accounting period (usually one year). It includes all government levels (from national to local) and public social security funds. The budget balance is the difference between government revenues (e.g., tax) and spending. A positive balance is called a government budget surplus, and a negative balance is called a government budget deficit. Some newspaper columnists refer to a balance of payments deficit. As you know, the balance of payments always balances (see the first Learn-It of this topic) so this term doesn't really make any sense. What they mean when they use this term is that certain sections of the balance of payments are in deficit, causing disequilibria. In particular, they tend to be referring to current account deficits, or sometimes trade deficits. You need to read the context of the text in questions carefully to make sure you understand what type of deficit is actually being referred to when the term 'balance of payments deficit' is being used.
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