Budget deficit. Answer the following in 150 word must provide references a.ÿWhat is the Budget Deficit? ÿIs it dangerous?b. Which was the budget deficit since 1950 (the Federal Reserve website is one place were you can find data)? You can also see the Congressional Budget Office website.c. Do you expect Budget Surplus or Deficit in year 2017? Why?d. The President has indicated that the Military expenses will be increased in 10% (around $ 50 billion) and that savings from other Government agencies will be reduced in the same amount. Is that possible? Can be done legally or laws have to be changed?e. Which are the economic consequences of the budget deficit. Which are the winners and losers?