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The last time that the budget was balanced or had a surplus was the 2001 United States federal budget. Numerous sources have stated that as of 2023, a balanced budget is no longer possible without massive reductions in spending by the United States federal government according to the Congressional Budget Office [9] and several independent sources.
The budget submitted by George W. Bush in his last year in office was the budget of 2009, which was in force through most of Barack Obama's first year in office. The President's budget also contains revenue and spending projections for the current fiscal year, the coming fiscal years, as well as several future fiscal years.
The Balanced Budget Act of 1997 (Pub. L. 105–33 (text), 111 Stat. 251, enacted August 5, 1997) was an omnibus legislative package enacted by the United States Congress, using the budget reconciliation process, and designed to balance the federal budget by 2002. This act was enacted during Bill Clinton's second term as president.
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001, though the national debt still increased. [47] From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%).
There are two types of balanced budget requirements: ex-post balanced budget requirements, and ex-ante balanced budget requirements. An ex-post balanced budget requirement stipulates that a government must balance their budget by the end of each fiscal year, while an ex-ante balanced budget requirement dictates that a state must adopt a ...
"The budget has only been balanced five times in the last 50 years," Schatz told lawmakers. "Think about that. ... If your family had only balanced your budget five times in 50 years, you're ...
That would have amounted to a $184 billion cut in the first year, but overall spending would have grown by 18 percent over the full 10 years of the plan—and the budget would have balanced at the ...
Mulvaney acknowledged that the budget would not be balanced in the upcoming 2018 fiscal year but said the administration wants to put the country on a path toward eventually wiping out annual ...