Journal Article
The political economy of balanced budget amendments
Azzimonti-Renzo, Marina (2013-01)
A balanced budget amendment is a constitutional rule requiring that the government collect enough revenue to finance its expenditures every year. The motivation for introducing such a rule is the desire to restrict deficit spending and limit increases in government debt. However, policymakers strongly disagree about the rule?s coverage and provisions. In particular, they disagree on how to define the terms revenue and expenditures and under which conditions exceptions to the rule should be allowed. In this article, Marina Azzimonti provides an overview of the arguments raised by proponents ...
Business Review , Issue Q1 , Pages 11-20

Journal Article
The fiscal cliff in context
Martin, Fernando M. (2012)
Federal revenue is currently well below its postwar, pre-crisis average, while expenditure is well above, with both factors contributing to a large and persistent deficit. Under current law, the deficit situation would be quickly, if painfully, resolved, with the lion?s share resulting from increased tax revenue.
Economic Synopses

Newsletter
State budgets under stress: paths to sustainability
Mattoon, Richard H. (2011-10)
State governments have been noticeably absent in contributing to U.S. economic growth since the recession of 2008?09. Despite some recovery in tax revenues, many states are still reporting budget shortfalls and spending pressures for pensions and health care.
Chicago Fed Letter , Issue Oct

Journal Article
A view from the fiscal cliff
Martin, Fernando M. (2013-04)
January?s deal on the so-called fiscal cliff only raised projected revenue moderately and continued to push the spending issue forward unresolved. The economy may have been slowed down by such a drawn-out process, as well as by the uncertainty on the future size of government and on the distribution of the tax burden.
The Regional Economist , Issue Apr