Question

What's the name given to the government practice of borrowing money to spend mine than is collected in taxes

Answer 1

It's called deficit spending. It's usually used to help feed the economy in times of recession. Some see this as a bad policy because if they are not careful it could lead to a permanent deficit.

Answer 2

Deficit spending

In fiscal 2017, the US government's deficit spending was $668 billion, which was $82 billion more than deficit spending had been in 2016.  We're on pace for an even bigger increase in 2018.  Deficit spending for the first half of fiscal 2018 was $598 billion, and the Treasury Department expects to have to borrow over $700 billion for the second half of the fiscal year.