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What is a balanced budget?

What is a balanced budget? Here are some definitions.

Noun
  1. A (usually governmental) budget in which income and expenditure are equal over a set period of time.
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Regarding membership dues, he thought we could not on the one hand demand a balanced budget and on the other hand reduce dues.
The government achieved a balanced budget in 1998-99 and committed itself to maintaining that performance in subsequent years.
The mayor cautioned that the hike in property taxes is needed to comply with the state law requiring him to present a balanced budget.
I believe the federal government's time line for a balanced budget is about right.
It is a balanced budget that restores fiscal balances and cuts taxes for working families.
However, Treasury Secretary Paul O'Neill is a strong advocate of a balanced budget, which he fought for in previous Republican administrations.

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