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From 2025 onward, a strict new formula would limit future expenditure growth.
They could use the profits to pay for future expenditure on schools and highways.
This is also the point at which the government has to commit to the bulk of future expenditure.
The attempts of local government to budget and plan future expenditure have long been frustrated by tight centralised control.
IN OLDEN days it was quite common for families to keep a store of spare cash in a cake tin or cookie jar to save for future expenditure, such as Christmas presents.
This, plus another apparently doctrinal bias in favour of public spending cuts rather than tax increases, explains why we are now witnessing all too many examples in the public sector of false economies: cuts that hurt now, but can be guaranteed to lead to the need for emergency expenditure in future, expenditure which may well exceed the savings made in the short term.
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Mitigation works; studies have found that every dollar invested in mitigation saves $4 to $5 in future expenditures.
It would commit Congress to cutting current spending, capping future expenditures and passing a constitutional amendment requiring balanced annual budgets.
The question remains whether, in the months ahead, he can knock Congressional heads together to clinch a meaningful deal, and overcome those who inevitably feed public fears about a "government takeover" of health care and of budget-busting future expenditures.
The poll also found that more than 6 in 10 Americans said lifting the debt ceiling meant that the federal government was increasing the amount of money it could borrow to pay for future expenditures, which is false, while nearly 3 in 10 understood that it meant it must be lifted to pay off debts it has already accumulated, the reality.
"The dividend", as Alaskans call it, has become an annual ritual much anticipated by car dealers in Anchorage, cash-strapped trappers in remote Eagle, and snow-weary Juneau residents dreaming of holidays in Mexico.Now, though, there is talk of using the Permanent Fund to erase state debt and help finance future expenditures.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com