How does the Government intend to return to balanced budgets?
Budget 2010 outlines a three-point plan for returning to budgetary balance once the economy has recovered. • First, the Government will follow through with the “exit strategy” built into the Economic Action Plan. Temporary measures in the Action Plan will be wound down as planned. • Second, the Government will restrain growth in spending through targeted measures. Towards achieving this objective, Budget 2010 proposes $17.6 billion in savings over five years. • Third, the Government will undertake additional restraint through a comprehensive review of administrative functions and overhead costs. The Government will not raise taxes. The Government will not cut major transfers to persons and other levels of government. As a result of the planned wind-down in the Economic Action Plan and the spending growth restraint measures in this budget, the deficit is projected to fall by almost half to $27.6 billion in 2011–12, and by two-thirds to $17.5 billion by 2012–13. The debt-to-GDP (gross do
Related Questions
- What happens if the population increases and there is a need to increase government budgets to provide programs and services taxpayers need and/or want?
- What is the governments financial return on its investment in welfare-to-work programs?
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