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True or False? 1. The national "Debt Ceiling" can never be increased by Congress. 2. The term "budgeting" implies balance between revenues and expenditures. 3. Private sector budgets are typically planned well in advance of the new fiscal year, whereas public budgets are typically no previous fiscal year ends. 4. One of the major characteristics of public budgeting is that those who pay the bills are not the ones who make the decision to be spent. 5. Public budgets are inherently political.
Why is raising taxes problematic?
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