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Speak Up! - View Question #13229 |
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Question: Prior to President Clinton, who was that last president to develop a balanced budget?
Answer: The United States government spends more money than any other entity on Earth. Its money comes from the taxes you and I pay. However, the United States has been in debt since its inception (except for a short period under President Andrew Jackson in 1835) and consistently spends more money than it collects in taxes. This is called a "deficit." Sometimes a deficit is planned - that is a budget plan calls for the government to spend more than it collects in taxes.
President Clinton proposed a balanced budget in 1998, when the United States received more in taxes than it spent. President Nixon in 1969 was the last President to have a balanced budget, although it was the first year of his Presidency and he didn't officially propose the budget for that year -- federal budgets are proposed and passed by Congress a year in advance.
For more information on current and historical US Federal Budgets, visit the US Office of Management and Budget website.
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