Which of the following is true in regards to "Revenue deficit"?

• It indicates that the government is unable to meet its major expenses involving construction etc.
• Revenue deficit implies dis-savings on government account because government is using saving to meet the daily needs. 
• It means that revenue deficit either leads to an increase in the asset or reduces the liability
• Revenue deficit can be reduced by increasing the tax rates

2 and 4

Revenue deficit means the revenue expenditure of the government has exceeded its receipts. It indicates that the government is unable to meet its day to day recurring expenses also. So, in order to make up for the deficit the government either borrows or sell its investments which means it results in either creation of liabilities or reduction is assets.