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Balanced Budget

Balanced Budget

Thomas Jefferson stated, “I place economy among the
first and most important virtues, and public debt as the
greatest of dangers.To preserve our independence, we must
not let our rulers load us with perpetual debt” (Grinsburg
1).This quote illustrates the importance of maintaining a
balanced budget; therefore, it is necessary to stand firmly
resolved that the government should balance its budget.
Three main arguments uphold this premise. They are as
follows: 1. It is feasible for the government to balance the
budget, 2. A budget deficit harms the United States through
creating a trade deficit and increasing the national debt,
3. A balanced budget would benefit the United States by
providing extra funds for social programs, tax cuts, and
reducing the national debt.

Argument 1: It is feasible for the government to balance its
budget
On of January 7, 1998, the U.S. Congressional Budget
Office released a budget forecast that “shows the federal
budget to be in effective balance, with a projected deficit
of just $5 billion this year-a trivial percentage of an
estimated $8.5 trillion gross domestic product” (Bartlett
8). The government was able to balance the budget without
causing negative complications.This balance came absent of
any significant tax increases and/or government cuts in
spending.Because the United State’s economy has been
relatively productive in the past few years, the government
was able to balance the budget through an increase in tax
revenues.During this time the government was actually able
to increase its spending somewhat, while the American people
were free from additional tax burdens.In fact, according
to the U.S. Treasury Department, “federal revenues are up
10.5% over the same period a year earlier, while spending is
up only 3.8%” (Bartlett 6).Essentially, this shows that it
is not only possible for the g…

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