Balanced budget

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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.[1] 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.

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.[2]

References

  1. [1] US Senate Reference
  2. Bartlett, Bruce. "Balanced Budget Amendment a 'Phony' Deficit Solution." The Fiscal Times, 27 August, 2010. [2]