Which budget strategy would reduce a countrys (2024)

#### Solution By Steps***Step 1: Identify the Impact of Lowering Taxes while Raising Spending*** Lowering taxes while raising spending would likely increase the national debt as it leads to a budget deficit.***Step 2: Identify the Impact of Lowering Both Taxes and Spending*** Lowering both taxes and spending could reduce the national debt as it aims to decrease the budget deficit.***Step 3: Identify the Impact of Raising Taxes while Lowering Spending*** Raising taxes while lowering spending would likely reduce the national debt as it helps in decreasing the budget deficit.***Step 4: Identify the Impact of Raising Both Taxes and Spending*** Raising both taxes and spending may not significantly reduce the national debt as it could maintain or increase the budget deficit.#### Final AnswerC. Raising taxes while lowering spending#### Key ConceptFiscal Responsibility#### Key Concept ExplanationMaintaining fiscal responsibility by raising taxes and lowering spending is crucial to reducing a country's national debt. This strategy helps in balancing the budget and preventing excessive debt accumulation, ensuring long-term economic stability.