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What is a balanced budget?

What is a balanced budget? Here are some definitions.

Noun
  1. A (usually governmental) budget in which income and expenditure are equal over a set period of time.
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Johnson on Balanced Budget Mr. Johnson pledged to submit a balanced budget to Congress.
However, Treasury Secretary Paul O'Neill is a strong advocate of a balanced budget, which he fought for in previous Republican administrations.
The government achieved a balanced budget in 1998-99 and committed itself to maintaining that performance in subsequent years.
I believe the federal government's time line for a balanced budget is about right.
Therefore, we reaffirm our support for a constitutional amendment to require a balanced budget.
It is a balanced budget that restores fiscal balances and cuts taxes for working families.

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