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For scale, 50% of the $1.5 trillion in tax expenditures in 2016 was $750 billion, while the U.S. budget deficit was approximately $600 billion. [18] In other words, eliminating the tax expenditures for the top 20% might balance the budget over the short-term, depending on economic feedback effects.
Margaret H. McDermott and Bernard D. Reams, Deficit Control and the Gramm–Rudman–Hollings Act: The Legislative History of the Balanced Budget and Emergency Deficit Control Act of 1985 (P.L. 99-177) (W. S. Hein, 1986). "H.J.RES.372 – CRS Summary of Balanced Budget and Emergency Deficit Control Act of 1985". THOMAS. Library of Congress ...
Every U.S. state other than Vermont has some form of balanced budget provision that applies to its operating budget. [28] The precise form of this provision varies from state to state. Indiana has a state debt prohibition with an exception for "temporary and casual deficits," but no balanced budget requirement.
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.
"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 pretty ...
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.
Senate Majority Leader and prospective presidential candidate Bob Dole blamed Clinton for the budget impasse and said, "while the President's words speak of change, his deeds are a contradiction." [20] Clinton featured the ongoing budget negotiations prominently in his 1996 State of the Union Address on January 23, 1996. Clinton famously stated ...
The administration's final accounting of the 2020 budget year shows that revenues fell by 1.2% to $3.42 trillion, while government spending surged 47.3% to $6.55 trillion.