Balanced Budget Balanced Budget Thomas Jefferson stated, "I place economy among the first and most important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt" (Grinsburg 1). This quote illustrates the importance of maintaining a balanced budget; therefore, it is necessary to stand firmly resolved that the government should balance its budget. Three main arguments uphold this premise. They are as follows: 1. It is feasible for the government to balance the budget, 2. A budget deficit harms the United States through creating a trade deficit and increasing the national debt, 3. A balanced budget would benefit the United States by providing extra funds for social programs, tax cuts, and reducing the national debt. Argument 1: It is feasible for the government to balance its budget On of January 7, 1998, the U.S. Congressional Budget Office released a budget forecast that "shows the federal budget to be in effective balance, with a projected deficit of just $5 billion this year "a trivial percentage of an estimated $8.5 trillion gross domestic product" (Bartlett 8). The government was able to balance the budget without causing negative complications. This balance came absent of any significant tax increases and/or government cuts in spending. Because the United State's economy has been relatively productive in the past few years, the government was able to balance the budget through an increase in tax revenues. During this time the government was actually able to increase its spending somewhat, while the American people were free from additional tax burdens. In fact, according to the U.S. Treasury Department, "federal revenues are up 10.5% over the same period a year earlier, while spending is up only 3.8%" (Bartlett 6). Essentially, this shows that it is not only possible for the government to balance its budget, but it can also be done without negative consequences.