A constitutional amendment has been proposed that would force Congress to balance the budget each year (that is, outlays must equal revenues in each year). Discuss some advantages and disadvantages of such an amendment. How would a balancedbudget amendment affect the following, if in the absence of such an amendment the Federal government would run a large deficit?
a. The use of automatic stabilizers.
b. The ability of Congress to “smooth” taxes over time.
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c. The ability of Congress to make capital investments.