Who in the u.S. Is affected by the so-called balanced budget rule?
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President Bill Clinton did not support a constitutional amendment, but in his 1992 campaign, he called for balancing the budget through ordinary fiscal policy. He came into office facing a large deficit. Clinton signed into law the Omnibus Budget Reconciliation Act of 1993, which attacked the deficit by raising taxes.
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A state’s operating budget typically has to be balanced. This does however not mean that states cannot go into debt, as states also have a capital budget, to which the balanced budget rule does not apply.
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