It’s not difficult to advocate a balanced federal budget during a period of widespread prosperity. The question is whether advocates of a balanced budget are willing to adhere to this position when the economy goes into a recession or faces economic difficulties while deciding tax and spending issues. During a downturn in the business cycle, for example, tax revenues (which are directly related to economic activity) fall off putting a strain on the federal budget. Indeed, our government now must deal with such circumstances. Dealing with the most recent national natural disasters required billions of dollars in unplanned government expenditures. A balancing budget requires increasing taxes and/or cutting other government programs. Congress created a budget for the 2018-2019 fiscal year, and the president signed it adding another $1.3 trillion to our national debt. In the news every day regarding “the debt ceiling,” Congress and President Tramp are facing a fast approaching 2019 to whether or not to increase the ceiling. The US fiscal year 2019, as defined by the US Federal Government, starting on October 1, 2018, and ending on September 30, 2019.
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