The Politics of Boom and Bust: Endless Federal Budget Deficits?

The Politics of Boom and Bust: Endless Federal Budget Deficits?

Introduction

Federal budget is an annual budget for the next coming year decided on October 1st after the approval of the cabinet and the President. The president can veto a budget which is then approved by a majority of two thirds in favor of the bill. The budget is governed by two factors sources of income and expenditures where government will spend for the benefits of the country and the public.

Income is dependent upon the taxes received from the people of the country. ...