We must tap the only entity that can spend without a budget constraint: the federal government.

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U.S. investors do not have some exorbitant skill that would make our international budget constraint any less binding.

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Cumbria County Council said the proposed reduction in funding should be considered in the context of wider budget constraint.

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The biggest drawback is that such a role for the government, combined with the lack of a budget constraint, gives them great power.

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The upcoming debate on the debt limit offers the perfect opportunity for Congress to stop playacting and put a real budget constraint into effect.

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In an environment of severe budget constraint and at a time when policymakers are considering both budget and tax reform, is it time to rethink the role of charities and other non-profits?

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But the overall differential is small enough that one cannot count on outsized gains in international investments to loosen the U.S. international budget constraint and ease concerns about the sustainability of the U.S. current account.

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Under this hard budget constraint, the rest of the government would have to live on whatever revenues are left over after debt service and Social Security benefits are paid unless Congress is willing to vote for more new borrowing, by super-majority vote if it wants to increase the debt more than the economy is growing.

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If Congress imposes a hard budget constraint on itself by refusing to raise the debt ceiling and establishes Social Security and interest on the debt as priority must-pays out of revenues before any other programs may be funded, it would require total other, non-priority spending to be reduced not quite one-third on average during the next ten years.

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The budget is the key constraint.

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Unlike the 50 states which comprise our union, our federal government can freely engage in deficit spending without a constraint to balance the budget.

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