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What is Balanced Budget Amendment?

Important banking qna for banking aspirants, which is helpful in banking exam.

Apr 29, 2015 12:30 IST
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What is Balanced Budget Amendment?

  • Balanced Budget Amendment is a constitution rule explaining that the government cannot spend more that its income.
  • This Balanced Budget Amendment has shown negative impacts on overall development of economy, which led to severe economic turn downs.
  • It requires a balance between the projected receipts and expenditures of the government.
  • Thus, neither a budget deficit nor a budget surplus exists ("the accounts balance").

 

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