G15

(a) A balanced budget occurs when current expenditures are equal to receipts.

(b) Federal entitlements are payments by the national government to organizations or individuals that are obligated by government according to certain criteria. 

(c) Medicaid is an example of an entitlement. This expenditure limits the federal government from achieving a balanced budget because Medicaid is a growing expense, but does not create a profit. Medicaid is an entitlement though, meaning the federal government is required to cover the expenses, therefore ever-increasing the national debt. 

(d) One consequence of large budget deficits is that the current government is leaving less economic stability for the upcoming generation. As the debt increases, the possibilities for organizations and individuals to prosper decreases, providing a less stable economy as the years go by.

(e) Our projected revenue for 2012 was $2.5 trillion; our expenditures were $3.8 trillion; our budget deficit was $1.3 trillion. 

http://www.usgovernmentrevenue.com/federal_budget

(f) The total national debt, although it is constantly increasing, is about $16,534,403,540,104 

http://www.usdebtclock.org/#