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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.

     


    Comments
    1 thru 1 of 1 comments    [ 1 ]   
    On 03/19/08
    Nels S from WA said:
    Fine example our politicians set....If our parents ran their household finances this way,where do you think they would end up?
    1 thru 1 of 1 comments    [ 1 ]   



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