Worse trouble has been staved off by seven years of budget restraint, large foreign-exchange reserves and a hefty overseas investment portfolio.
AMERICA'S infamous debt clock, near New York's Times Square, was switched off in 2000 after the national burden started to fall thanks to several years of Clinton-era budget restraint.
In its transition report, the EBRD said that economic growth was steady in the region - but warned that reforms like privatisation and budget restraint were under threat in Hungary, Poland and Slovakia.
The first minister insisted "substantial progress" had been made with the budget focussing on wage restraint while protecting those in the public sector on the lowest wage.
All it will take to balance the budget is very firm spending restraint and 3.5% or better growth rates.
FORBES: The Supercommittee And The Attempted Slandering Of Grover Norquist
The debt limit thus operates like the Social Securitytrust fund: it imposes an important operational restraint, and budget actions used to avoid it cannot pay for other programs.
FORBES: Medicare's Peculiar Budget Rules And The Fight Over Double Counting
We are strongly for fiscal restraint in the budget process and our opponents, at this point, stand for little or nothing except mere obstructionism and ultimately the American people are a center right country presented with a center right party with center right candidates who will vote center right.
Much of the debate over the 2012 farm bill (a debate which comes up every five years or so, when the bill must be reauthorised) is being dominated by the budget deficit and demand for fiscal restraint.
While this bipartisan package will add to the deficit in the short term, continued economic growth and continued spending restraint will help bring the Budget into balance in 2012.
It, with a modicum of spending restraint, will balance the budget in 10 years.
Moreover, as budget surpluses mount, support for continued fiscal restraint is likely to erode.
And I also examined how we balanced the budget in the 1990s and found that spending restraint was the key.
FORBES: Balancing The U.S. Budget Is Simple With Modest Fiscal Restraint
On no program does he not want to spend money and his latest budget, presented as an exercise in fiscal restraint, would more than double the accumulated deficit over the coming decade.
FORBES: Democrats And Republicans Together Assault Our Liberty
Congressional budget rules treat the borrowing limit as a fundamental restraint on NFIP spending.
FORBES: Medicare's Peculiar Budget Rules And The Fight Over Double Counting
Despite Mr Bush's insistence that spending restraint plus economic growth will balance the budget, there is little sign that the budget deficit is under control.
And he has done so as part of a larger vision that stresses tax reform for faster growth, spending restraint to prevent a Greek-like budget fate, and a Jack Kemp-like belief in opportunity for all.
Time to grow up: balance the budget with economic growth fueled by real growth policies and spending restraint.
Before getting to the 2007 Budget, I would like to take a moment to review the substantial accomplishments in spending restraint we were able to achieve together over the past year.
He has also issued a second budget estimate based on evidence from the 1960s, 1980s and 2000s that tax reform and spending restraint will increase GDP by about 0.5 to one percentage point a year.
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