Question: 1.The U.S. Treasury statement for August 2015 reports the following: Receipts Individual Income Tax$103B Social Security & Other Payroll Taxes83B Corporate Income Tax2B Other Taxes,

1.The U.S. Treasury statement for August 2015 reports the following:

Receipts

Individual Income Tax$103B

Social Security & Other Payroll Taxes83B

Corporate Income Tax2B

Other Taxes, etc.23B

Outlays by Function

Defense$ 40B

Social Security75B

Medicare 24B

Interest on Debt 25B

Other111B

Calculate (I) the total surplus (or deficit) and (ii) the primary surplus (or deficit). What is the logical reason for distinguishing between the two measures?

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