Question: What is the difference between actual and cyclically adjusted budgets? Why are discretionary actions visible only in changes of the cyclically adjusted budget balance?

What is the difference between actual and cyclically adjusted budgets? Why are discretionary actions visible only in changes of the cyclically adjusted budget balance?

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What is the difference between actual and cyclically adjusted budgets? Why are dis- cretionary actions visible only in changes of the cyclically adjusted budget balance?

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