In the wake of the most recent U.S. recession, both New York State and New Jersey have faced multibillion-dollar budget …--particularly from high-wage earners in the finance sector--has exacerbated revenue shortfalls. To close their budget gaps, New York and … steps to avert such budget quandaries by establishing "rainy day" funds or restructuring taxes to make them less sensitive …

Balanced budgets and proponents often use the experience of the states with balanced budget restrictions as an argument … in favor of a federal balanced budget amendment. However, the state experience is not directly relevant to the federal …