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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.
H.R.2560 – Cut, Cap, and Balance Act of 2011 (Full Text), proposed Cap-and-Balance-Budget Amendment approved by the U.S. House of Representatives on July 19, 2011; Compact for America, streamlined Article V balanced budget amendment approach via interstate compact; Cato Institute's Policy Analysis and Proposal of the Balance-Budget Veto Amendment
If your family had only balanced your budget five times in 50 years, you're pretty much broke, and however it gets done, something needs to be done." WATCH: Expert says U.S. budget has only been ...
On this day in economic and business history... President Bill Clinton announced the first balanced federal budget in a generation on Sept. 30, 1998. In a speech at the White House, Clinton hailed ...
The CBO estimated that more tariff revenue would help shrink the federal budget deficit by $2.7 trillion from fiscal years 2025 to 2034.
[24] [25] This high degree of fiscal balancing is a result of most states in the U.S. having balanced budget requirements. [26] A balanced budget requirement is a law that requires a government to balance its budget annually, such that government spending equals government revenue. [27] There are two types of balanced budget requirements: ex ...
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.