Instead of the 'net fiscal balance', that smaller 'current budget balance' doesn't include capital spending.
That applies both to the current budget balance and the net fiscal balance, including capital expenditure.
The target measure was structural borrowing for current spending (the "cyclically adjusted current budget balance").
The primary budget balance (which excludes interest) rose to a surplus of 7% of GDP.
To make the budget balance in a decade, the level of cuts will have to be extreme.
The stability-and-growth pact approved by the members of the euro zone looks for budget balance by 2004.
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Neither the current budget balance nor net debt would have been increased.
In any given period the debt stock grows by the existing debt stock (d) multiplied by r-g, less the primary budget balance (p).
Budget balance on average, together with wide and well-timed fluctuations around the average according to circumstances, is clearly the policy to aim for.
One, revive an issue that was pretty popular, or pretty important, to broad sections of the electorate in the 1990s, fiscal discipline and budget balance.
Merkel and her coalition partners hadn't reneged on their tax-cutting campaign promises and raised VAT and other taxes in a bid to stay close to budget balance.
In early October the Treasury released a pre-election economic and fiscal update indicating that after 14 years in surplus the budget balance was set to slip into deficit.
This budget was, as usual, a triumph of short-termism, in which politicians on both sides proclaimed their disciplined determination to reach budget balance by 2002, only to let the figures rip thereafter.
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Our national saving, consisting of personal saving, business saving, and government saving, has been inadequate, in part because the government saving component, measured by the budget balance, has been negative rather than positive.
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The primary budget balance, which excludes net interest costs, thus providing a truer picture of government receipts minus expenditures in a given year, also appeared more favorable for the euro area in 2009.
There are two things that matter in government-debt dynamics: the difference between real interest rates and GDP growth (r-g), and the primary budget balance as a % of GDP (ie, before interest payments).
To understand why, one needs to focus on an accounting relationship: by definition, the sum of net private-sector saving (saving less investment) and public-sector saving (the budget balance) must be equal to a country's current-account balance.
For example, if the structural primary balance (budget balance excluding debt interest) in 2015-16 turns out to be only one percentage point better than the OBR now expects, our public sector debt would now be on a long term sustainable path.
Bottom line, the budgetary rules treating growth as a given instead of the all important variable for achieving budget balance have both sides of the aisle ignoring the most important question: What policy changes would achieve a sustained period of 4% growth?
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So the choices are basically balance the budget, defund regulations and do not increase revenues, or balance the budget, fund regulations and include an increase in revenues.
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But it is essential, and I believe that there is an overwhelming majority of House Democrats who believe, it's essential that we continue to move towards balance -- a balance in the budget and a balance in the investment in our people and in our families.
If they are right, then he is closer than he admits to the limits of his budget-balance rule.
The Fiscal Associates score shows that these budget cuts would easily balance the budget in the first Gingrich term.
Make no mistake: A comprehensive, long-term, binding plan that brings the budget into balance over a reasonable time frame is essential.
If they freeze the budget, we almost balance the budget by 2017.
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In the future, Mr Letwin wants the budget to balance across the cycle, a demanding goal, rarely, if ever, achieved in the post-war period.
Mr. ROSENBERG: This certainly seems like one of the easier things we can do, as opposed to fixing Iraq or getting the budget in balance.
We have a war to win, a region to rebuild, a budget to balance, taxes to cut, a government to reform, and a nation to lead.
The rapidly growing public borrowing will fuel the political debate about what level of cuts needs to be made to public spending to bring the budget into balance.
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