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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
The United States federal budget for fiscal year 2024 ran from October 1, 2023, to September 30, 2024. From October 1, 2023, to March 23, 2024, the federal government operated under continuing resolutions (CR) that extended 2023 budget spending levels as legislators were debating the specific provisions of the 2024 budget.
[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 full budget to be rolled out in May will put "more flesh on the bones" of Trump's preliminary budget plan that was released last week, said Mulvaney, director of the White House Office of ...
The United States federal budget for fiscal year 2022 ran from October 1, 2021, to September 30, 2022. The government was initially funded through a series of four temporary continuing resolutions . The final funding package was passed as an omnibus spending bill , the Consolidated Appropriations Act, 2022 .
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 ...