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Unlike the federal government, most states are required to balance their budgets annually.
While American states are typically required to balance their budgets annually, that hasn't stopped them from amassing a pile of long-term debt by issuing municipal bonds.
Conservatives who routinely defend a balanced-budget amendment to the Constitution, on the grounds that the states must balance their budgets annually, appear to be unaware that such requirements apply only to operating budgets, excluding capital outlays.
The effect of the Triborough Amendment is significant: Edmund J. McMahon, senior fellow at the Empire Center for New York State Policy, a conservative research group, has estimated that longevity-based pay increases for teachers, guaranteed by the amendment even after contracts expire, add $300 million to school budgets annually.
The council said it is standard practice to refresh budgets annually when new information becomes available.
And this has had a very noticeable affect on the unemployment rate, needless to say, as state governments in particular are mandated to balance their budgets annually.
Similar(53)
She said the bank forecasts a $7 billion deficit in the Afghan budget annually through 2021.
Budget watchers counseled against using what Mr. Miller acknowledged was a one-shot infusion of revenue to enact a tax cut that would take $110 million out of the city's budget annually for years to come.
And who introduced a bill to balance the federal budget annually, which suggests she would oppose the $825 billion in deficit spending that President Obama proposes to rescue the country, not least New York.
Taken together, the deficit reduction package proposed by Mr. Obama is roughly in line with the Simpson-Bowles recommendations for a 10-year mix of tax increases, reduced spending on entitlement programs, and cuts in military and domestic programs that are budgeted annually.
Yet opponents counter that the $95 billion budgeted annually for private Medicare is $10 billion more than government-run Medicare would spend.
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