One marker of prudent fiscal practices is maintaining balance between spending and revenues.
At the federal level, budgetary spending can be grouped into two categories: entitlement and discretionary spending.
Current law requires that Social Security funds be dedicated exclusively to the program’s obligations and that any funds not needed to pay benefits immediately be invested in US Treasury bonds.
Two government budget practices can have both significant implications for lower levels of government and consequences for the success or failure of the government’s goal: b
Over the years, federal and state governments have tried to change budget rules to control government spending and impose fiscal discipline.
Under the US Constitution, people are entitled to compensation from a government when it takes their property. This is known as a taking.