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By definition, state and local government budgets must balance. A budget can be balanced by several different definitions. The budget is balanced if short-term assets

By definition, state and local government budgets must balance. A budget can be balanced by several different definitions. The budget is balanced if short-term assets cover short-term liabilities. This balanced budget is referred to as the:

a. Long-run solvency

b. Service-level solvency

c. Budgetary solvency

d. Cash solvency

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