President Bush has promised to balance the national budget by 2012, but many government officials—particularly congressional Democrats—disagree about how best to achieve a balanced budget. This year’s deficit is estimated to reach about $200 billion, an improvement over last year’s $248 billion deficit, and the Congressional Budget Office has said that the budget could actually show a surplus by the 2012 fiscal year. Still, the U.S. government is notorious for failing to balance the budget.
Queen Elizabeth offered some advice on how to avoid budget problems when financing government programs. She said:
“In this acknowledgment of new debts we may not forget our old debt. . . .”
Maybe if more modern politicians took her advice, we would be more likely to maintain a balanced budget.
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