Asked by Hannah Hanson on Jul 04, 2024
Verified
Statement I: The first President George Bush broke his pledge of no new taxes in order to secure passage of the Budget Act of 1990.
Statement II: The Budget Act of 1990 aimed at reducing the federal deficit over the next five years by a total of $152 billion.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Budget Act
Legislation that governs the budgetary process of a government, setting forth the procedures for proposing, reviewing, and implementing a budget.
Federal Deficit
The shortfall when the U.S. government's expenditures exceed its revenues in a fiscal year.
Pledge
A promise or agreement to do something, often involving a commitment to donate money or resources.
- Understand the impact of fiscal policies on the federal budget and national debt.
Verified Answer
ZK
Zybrea KnightJul 05, 2024
Final Answer :
A
Explanation :
Statement I is true as it is a well-known fact that President George Bush broke his pledge of no new taxes to secure passage of the Budget Act of 1990. However, statement II is false as the Budget Act of 1990 aimed at reducing the federal deficit over the next five years by a total of $492 billion, not $152 billion.
Learning Objectives
- Understand the impact of fiscal policies on the federal budget and national debt.