The Balanced Budget Act

The Balanced Budget Act is legislation designed to ensure government spending does not exceed its revenue, aiming to reduce the federal budget deficit. It often involves setting caps on spending, implementing cost-saving measures, or reforming programs like Medicare and Medicaid to manage costs more effectively. The goal is to promote fiscal responsibility, maintain economic stability, and ensure long-term financial health of public programs. While it can include measures to curb excess expenditure, it also seeks to balance the budget without compromising essential services.