Balancing federal budget

Joel Friedman The House is expected to begin work on its fiscal year budget resolution as soon as next week.

Balancing federal budget

Give students a few minutes to look over the cartoon and make observations and inferences. If students become stuck or are confused about the meaning of the cartoon, prompt them with the following: What in the cartoon are you familiar with or have you seen before?

Budget for Federal - Balancing Act

They may also have heard of budget cuts in the news, possibly including local budget cuts that may affect their school or community. The local programs depicted in the cartoon are those programs run by state and local governments that receive some federal funding, such as public schools or housing.

Students may use CEE's budget crunch to comment upon the cartoon.

Balancing federal budget

As an added challenge, have students use these tools to alter the meaning of the cartoon, presenting a perspective that differs from that of the cartoonist. This discussion will depend on prior knowledge the students bring to this topic, or content the teacher introduces.

Use the following prompts if these points do not emerge during the discussion: This gap between expenditure and revenue is referred to as the deficit. Although there is broad consensus among economists and politicians about the long-term consequences of unsustainable debt, there is much more controversy about the short-term consequences of debt.

Widespread concern about those consequences has been generated by political activists and politicians advocating for increased revenue, reduced spending, or both, to balance the budget in as few as 5 years.

With scarce resources, not everything can be funded at the level advocates for a program might desire. Legislators charged with taking responsibility for the overall budget will have to make choices. In economic terms, this means that trade-offs must be made, opportunity costs understood, and next-best alternatives accepted.

The choice of lobster claws as a metaphor also implies that the cartoonist may favor spending cuts over tax increases as a method for balancing the budget. Federal Budget Basics Present a brief mini-lesson to introduce or review the basic concepts and vocabulary of the federal budget.

The concepts introduced here are developed in much further detail in the other economics and civics lessons in this curriculum. What are the tradeoffs that policymakers face when steering the federal budget?

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Students will set policy goals and strive to make budgeting decisions that both advance those goals and reduce the federal debt, weighing conflicting advice from opposing perspectives on the possible impact of their choices.

Emphasize the following concepts and key points in the mini-lesson: The amount of money the government takes in each year largely through individual or corporate taxation is known as revenue. The amount it spends is known as expenditures.Rather, balancing the federal budget would have been the norm, instead of the exception, over the past 20 years.

Although I am disappointed the vote on my amendment failed to receive the support of two-thirds of the House this month, the work to get federal spending under control is still far from over.

Inform them that, although the metaphor in the cartoon could make sense in other contexts, for the purposes of this lesson, the budget crunch in question refers to the challenge of balancing the federal budget. “If you combine faster growth and include the spending reductions, we could balance the budget in five years,” he said, noting that the Heritage plan had a goal of balancing .

Nov 15,  · Budget Deficit Jumps Nearly 17% in Plunging corporate tax revenues from the Trump tax cuts helped push the annual deficit to $ billion. It is on track to reach $1 trillion by If you think it should be easy to balance the federal budget gradually, think again.

This year’s shortfall between spending and revenues is heading toward a record $ trillion -- . Balancing Act is a great tool to improve public engagement during the budget process. Steve Kreklow Village Administrator, Germantown, Wisconsin These new tools on our website have paired financial transparency with data transparency to .

Balancing the Federal Budget | U.S. House of Representatives