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A '''balanced budget''' is a [[budget]] in which receipts equal (or exceed) outlays. Fiscal conservatives, such as [[George H. W. Bush]] favor balanced budgets, while more liberal polticians do not.<ref>[http://www.senate.gov/reference/glossary_term/balanced_budget.htm] US Senate Reference</ref> In the [[United States]], state and local governments are required to have a balanced budget, but the [[Federal Government]] has no such requirement and may incur a [[budget deficit]].

A '''balanced budget''' is a [[budget]] in which receipts equal (or exceed) outlays. Fiscal conservatives, such as [[George H. W. Bush]] favor balanced budgets, while more liberal polticians do not.<ref>[http://www.senate.gov/reference/glossary_term/balanced_budget.htm] US Senate Reference</ref> In the [[United States]], every state except [[Vermont]] have laws that require a balanced budget<ref>National Conference of State Legislatures. "State Balanced Budget Provisions." [http://www.ncsl.org/?TabId=12651]</ref> and most local governments are also required to balance their budgets.<ref>"State and local balanced budget requirements." Clear on Money. [http://www.clearonmoney.com/dw/doku.php?id=public:state_and_local_balanced_budget_requirements]</ref> The [[Federal Government]] has no such requirement and may incur a [[budget deficit]].

There are conservatives, such as [[Bruce Bartlett]] (a former domestic policy adviser to [[President Reagan]]), who oppose a Federal balanced budget. Bartlett argues that a balanced budget amendment would be nearly impossible to enforce and that forcing a balanced budget in times of economic downturns would worsen the economy.<ref>Bartlett, Bruce. "Balanced Budget Amendment a 'Phony' Deficit Solution." The Fiscal Times, 27 August, 2010. [http://www.thefiscaltimes.com/Columns/2010/08/27/Balanced-Budget-Amendment-a-Bad-Approach.aspx#page1]</ref>

There are conservatives, such as [[Bruce Bartlett]] (a former domestic policy adviser to [[President Reagan]]), who oppose a Federal balanced budget. Bartlett argues that a balanced budget amendment would be nearly impossible to enforce and that forcing a balanced budget in times of economic downturns would worsen the economy.<ref>Bartlett, Bruce. "Balanced Budget Amendment a 'Phony' Deficit Solution." The Fiscal Times, 27 August, 2010. [http://www.thefiscaltimes.com/Columns/2010/08/27/Balanced-Budget-Amendment-a-Bad-Approach.aspx#page1]</ref>