(Written for Prof. Casciotti’s Public Budgeting/Finance [GOVT356] class at George Mason University.)
Introduction
Balancing a budget is, arguably, one of the most important things that any fiscal body can do. Whether it be within a household, a small business, a worldwide corporation, a government agency, or an entire government it’s always a good thing to spend within your means and bring in as much money as you spend, if not more.