Loosely, a budget with a surplus rather than a deficit. In governmental accounting terms, a budget in which anticipated or actual total revenues equal anticipated or actual total expenditures.
Source: House Rules Committee
See also: Balanced budget amendment
National Debt Glossary
Looks up the key terms for understanding America's financial crisis
Frequently Asked Questions: National Debt
- How did the national debt get to be so big?
- What's the difference between the debt and the deficit?
- Why can't the government just print more money to get out of debt?
- How much U.S. debt is owned by foreign countries?