Proponents of a Balanced Budget Amendment to the Constitution Argue

question 135

Essay

Proponents of a balanced budget amendment to the Constitution argue that it will finally exert discipline on the federal government and so prevent large peacetime deficits. What do the critics argue?

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Definitions:

Ending Inventory

The total value of all inventory that a company has in stock at the end of an accounting period.

Liabilities

Financial obligations or debts owed by a company to creditors, typically classified as either current or long-term.

Contingent Liability

A potential obligation that may be incurred depending on the outcome of a future event or set of circumstances.

Net Income

The net income of a business once all deductions including expenses, taxes, and other costs are taken from the total earnings.