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Chronic Budget Deficits
A fiscal situation where a government consistently spends more than it receives in revenue over a long period, leading to accumulating debt.
Spending Priorities
The allocation decisions made by an individual, organization, or government regarding where to allocate available financial resources among various competing needs or interests.
Deferred Costs
Expenses that are incurred for an asset that will not be completely consumed in the current period but rather recognized over time.
Unfunded Liabilities
Obligations or debts that do not have sufficient funds set aside to pay them.
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