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What is budget legislation?

Updated: 11/8/2022
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12y ago

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A budget legislation is at constitutional rule requiring that the state can not spend more than its income. It requires a balance between the projected receipts and expenditures of the government.

Generally, annually adopts a budget resolution, a concurrent resolution setting forth fiscal policy. The budget resolution also can generate a budget reconciliation bill, which is contributed and amended every year at the time of annual budget.

Major parameters in budget legislation:

1. national GDP.

2. Per capita income.

3. Ratio between NDP & GDP.

4. Net volume of national income.

5. Amount net allocation to the developmental areas in nation.

6. Reviews of previous year allocation of national funding & sources of allocations.

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