Budget (finance)

“ Every Government frames its own expenditure for each year; every Government has to make its own provision to meet that expenditure. There is a Budget every year, and memorable as the Budget of my right hon. friend may be, far-reaching as is the policy depending upon it, the Finance Bill, after all, is in its character only an annual affair. But the rejection of the Budget by the House of Lords would not be an annual affair. ”

“ Writers on the theory of Public Finance seem to conceive the subject as though it were primarily a matter of equity in taxation and economy in expenditure. But to a Chancellor of the Exchequer finance is eminently practical with a problem to solve, namely, how to bring about an equilibrium in the Budget. ”

“ If the federal budget is not approved by the body vested with national legislative authority by
December 31st, the Minister of Finance will, on a monthly basis, approve funds for spending
units up to 1/12 (one twelfth) of appropriations of the previous fiscal year until a budget is
approved. The funds so provided for can be used only for liquidation of existing
commitments, salaries, pensions, social security payments, and debt service. ”

“ The Ministry of Finance can authorize the responsible Minister or Ministers, subject to the
provision below, to reallocate the approved budget appropriations from one spending unit to
another up to a limit of five per cent of the amount approved by the annual or supplementary
budget law for the spending unit that is to have its appropriation reduced. ”

“ Owing to such fluctuations, no rate could be assumed in the Budget which was likely to turn out to be the true market rate. As matters stood, the rate realized on an average during a particular year differed so widely from the Budget rate that the finances of the Government became, to [pg 114] employ the phraseology of a finance minister, a “veritable gamble.” ”

“ The state budget is annually drawn up by the Cabinet and subject to approval by the Supreme People's Assembly.
ARTICLE 97. The state revenue and expenditure are consolidated in a uniform state budget.
ARTICLE 98. No organ of state power is allowed to make any outlay not stipulated in the state budget. All the organs of state power must observe the financial discipline and consolidate the financial system.
ARTICLE 99. To practice economy on, and make rational utilization of the state finance is the fundamental principle of financial activities. ”

“ Budget.—Side by side with the budget of each state of the Dual Monarchy, there is a common budget, which comprises the expenditure necessary for the common affairs, namely for the conduct of foreign affairs, for the army, and for the ministry of finance. ”

“ Large functions in connection with public finance, likewise, are vested in the body. By it the annual budget is prepared, the accounts which the Empire carries with the states are audited, and important supervisory relations with the Imperial Bank, the Imperial Debt Commission, and other fiscal agencies, are maintained. ”

“ It is well known, that the great minister who presides over our finances, took occasion, at opening the Budget in April last, to enter into a particular account of the state of the nation. In this account, he represented us as in a condition the most sound and happy; our trade and revenue flourishing; our common people well provided for; our debts and taxes light; our current specie sufficiently ample; our paper-circulation safe; and the Bank, in particular, as little less firm and durable than the world. ”

“ We can get them done, but only in the context of a realistic, responsible, balanced budget, one that maintains our fiscal discipline and makes the most of this great moment of prosperity. Now, that's a budget that makes sense, one that works for working Americans. ”

“ Finally, since all the practical work in the domain of national and financial economy cannot and should not proceed otherwise than in accordance with a strictly defined plan, it is the function of the financial administration to create and compile the state budget in such a manner that it might approximate as closely as possible the budget of the entire national economic life. ”

“ One may build a house or purchase a motor-car instead of going abroad. And whichever choice is made, related expenditures must be made in consequence for which, on the assumption of a definite amount of income, compensation must be made by curtailment of outlay at other points. What seems clear316 in general is that one's total budget is relative to the general plan and manner of life one deems for him the best possible and that this plan, more or less definitely formulated, more or less steadily operative, is what really determines how far expenditure shall go in this direction and in that. ”

“ The great advantage of the new budget system is that it enables Congress to make a comprehensive plan of expenditure for the year and thus to hold the expenses within the estimated revenues.
Is it necessary for governments to borrow? Public Debts: Why Governments Borrow Money.—Nearly all nations, states, counties, cities, and even villages have debts. Why do they find it necessary to borrow money? Why should they not, like wise individuals, adopt a pay-as-you-go policy? ”

“ America's prosperity requires restraining the spending appetite of the federal government. I welcome the bipartisan enthusiasm for spending discipline. I will send you a budget that holds the growth of discretionary spending below inflation, makes tax relief permanent, and stays on track to cut the deficit in half by 2009. (Applause.) My budget substantially reduces or eliminates more than 150 government programs that are not getting results, or duplicate current efforts, or do not fulfill essential priorities. The principle here is clear: Taxpayer dollars must be spent wisely, or not at all. ”

“ This is a long list, but I wanted to make a point: my budget is active and compassionate. Discretionary spending grows by a healthy, responsible 4 percent, enough to meet our needs. We fund goals like education, health and defense. We reduce debt at a record rate. ”

“ The budget deficit shall be financed by cash balances of the federal government, short-term
borrowings, domestic and external loans, or by the issuance of government debt securities.
Short-term borrowings may be used for the purpose of ensuring liquidity during a period no
longer than six months. ”

“ And that is we change the desired funding level that we do so through paying for it, just as each and every family does in this country. They had "pay as you go" for quite some time and the economy grew, jobs were created and the budget deficit shrank. ”

“ As you know, I have spent the last week in intense discussion with congressional leaders over how to balance the budget in 7 years. It's important to balance the budget to lift the burden of debt from future generations.
In the last 3 years, we've cut our deficit in half, and we need to finish the job. But we have to balance the budget in a way that reflects our most fundamental values: increasing opportunity; asking everyone to assume responsibility; strengthening our families and the economy ”

“ This is one of the critical steps to be taken to bring an end to planned inflation. Our purpose is to manage the Government's finances so as to help and not hinder each family in balancing its own budget. ”

“ Over the long term, a balanced budget is a sure index to thrifty management--in a home, in a business or in the Federal Government. When achievement of a balanced budget is for long put off in a business or home, bankruptcy is the result. ”

“ The object of thrift in spending is both to get the greatest value for our money now and to insure savings that will provide for the future. Every budget should make as definite provision for savings as for rent or clothing. The purpose of a budget and of accounts is to assure a surplus rather than a deficit. Successful men and women make it a practice always to spend less than they earn, no matter how little they earn, and they cannot be sure of this without planning ahead and keeping accounts. ”

“ It says to Congress, you have to pay as you go. You can’t spend a dollar unless you cut a dollar elsewhere. This is how a responsible family or business manages a budget. And this is how a responsible government manages a budget, as well. ”

“ The government budget is the financial structure within which the government conducts its business. It is the window through which the people should clearly see what the government intends to do, how it will operate and what its impact on the people and the economy will be in the coming fiscal year. ”

“ Last Wednesday night I went on television to explain to you the budget decisions we must make. Our greatest challenge is bringing down deficit spending and doing it in a way which will keep our economy vigorous and expanding. ”

“ Then, a budget, instead of ever diminishing, must necessarily and continually increase. It is astonishing that the economists, with all their learning, have failed to perceive a fact so simple and so evident. If they have perceived it, why have they neglected to condemn it?
HISTORICAL COMMENT.—Much interest is felt at present in a financial operation which is expected to result in a reduction of the budget. It is proposed to change the present rate of increase, five per cent. ”

“ My budget blueprint will restrain spending, yet meet growing needs with a reasonable 4 percent growth rate, which is a little more than inflation. After paying the bills, my plan reduces the national debt, and fast. So fast, in fact, that economists worry that we're going to run out of debt to retire. That would be a good worry to have.
Finally, along with funding our priorities and paying down debt, my plan returns about one out of every four dollars of the surplus to the American taxpayers, who created the surplus in the first place. ”

“ The only other alternative would have been to cut our essential develop­ment investment to a point where the budget would be balanced with no risk of inflation but at which economic forces would be at a standstill. ”

“ This Administration has directed constant efforts toward fiscal responsibility. Balanced budgets have been sought when the economy was advancing, and a rigorous evaluation of spending programs has been maintained at all times. Resort to deficit financing in prosperous times could easily erode international confidence in the dollar and contribute to inflation at home. In this belief, I shall submit a balanced budget for fiscal 1962 to the Congress next week. ”

“ There is $1.7 trillion less debt held by the public today than was forecast in 1993. This has contributed to lower interest rates, record business investment, greater productivity growth, low inflation, low unemployment, and broad-based growth in real wages—and the first back-to-back budget surpluses in almost half a century. ”

“ We are going to have a balanced budget for the first time in over 25 years next year, except for the interest payments on the debt run up just between 1993 and 1981, in the 12 years before I came here. That's because we've made tough decisions. Do we need to make some more? ”

“ Taking out loans and putting up securities, guarantees and other warranties which may lead to expenditure in future financial years shall require a specific or specifiable legal authorisation depending on the amount. To meet the needs of overall economic equilibrium, revenue from loans may be included in the budget as a rule only up to a maximum of the sum of the expenditure for investments estimated in the budget. The details shall be regulated by legislation. ”

“ The expenses of Congress, those of the administration of justice, and those required to meet the interest and redemption of loans, shall have, the same as the revenues with which they have to be paid, the character of permanent and shall be included in a fixed budget which shall remain in force until changed by special laws. ”

“ We submitted our budget to Congress, a budget designed to do just what we pledged during the election: tackle the deficits by cutting spending where it's wasteful, where it is not urgent, and where it subsidizes some people at everyone else's expense. ”

“ My budget will reduce our deficits not with aimless, reckless spending cuts that hurt students and seniors and middle-class families – but through the balanced approach that the American people prefer, and the investments that a growing economy demands. ”

“ Again, revenue that comes in or doesn't go out, I certainly -- I think both whether it's a family sitting around a kitchen table doing a budget or the federal government doing a baseline budget for many years in advance, I think when you're not spending money and your budget deficit goes down, that certainly counts for a decrease in that deficit.
[REPORTER] : Does a tax increase count as savings? ”

“ Government efficiency and economy remain essential to steady progress toward a balanced budget. More than ten billion dollars were cut from the spending program proposed in the budget of January 9, 1953. ”

“ Government programs are of such importance in the development of production and employment opportunities—domestic and international—that it has become essential to formulate and consider the Federal Budget in the light of the Nation's budget as a whole. The relationship between the receipts, expenditures, and savings of consumers, business, and government is shown in the accompanying table.
Considering the whole Nation, total expenditures must equal the total receipts, because what any individual or group spends becomes receipts of other individuals or groups. ”

“ One area where we are already finding agreement is in our effort to spend the people's money wisely. This week, I announced that I will submit a five-year budget proposal that will balance the federal budget by 2012, while making the tax relief we passed permanent. ”