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The discussion of fiscal imbalance and equalisation was of particular importance in the drafting of the new Iraqi constitution. It was a sticking point for the drafting process—with the oil rich regions seeking to minimise the reallocation of revenue while other regions sought to maximise equalisation payments.
The government budget balance, also referred to as the general government balance, [1] public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting (rather than cash accounting ) the budget balance is calculated using only spending on current ...
The government fiscal balance is one of three major financial sectoral balances in the national economy, the others being the foreign financial sector and the private financial sector. The sum of the surpluses or deficits across these three sectors must be zero by definition. A surplus balance represents a net savings or net financial asset ...
The budget process is broken down into two steps: A budget resolution, which is a non-binding blueprint that outlines fiscal goals but does not carry the force of law. (House and Senate committees ...
By Jeanne Sahadi NEW YORK -- If lawmakers cannot agree on how to address the pending "fiscal cliff," $7 trillion worth of tax increases and spending cuts will begin to go into effect in January.
The fiscal imbalance in Australia is the disparity between the revenue generation ability of the three levels of governments in Australia relative to their spending obligations; but in Australia the term is commonly used to refer more specifically to the vertical fiscal imbalance, the discrepancy between the federal government's extensive capacity to raise revenue and the responsibility of the ...
This causes deficits to increase or surpluses to shrink. Mandatory programs act as automatic stabilizers and provide a fiscal stimulus in the short run without the need for new legislative action. [3] During the recession in 2008 and 2009, mandatory spending increased by 31% due to federal financial interventions and the economic downturn.
It will take more than just a trust fund to get them to sell you that painting.