Emergency Budget

Emergency Budget

 

a schedule of state revenues and expenditures that is regarded as an addition to, rather than a formal part of, the ordinary state budget and is approved by a special procedure differing from that for the ordinary budget.

In capitalist countries of the era of premonopoly capital, emergency budgets were introduced sporadically, chiefly in wartime. In the present stage of the general crisis of capitalism, emergency budgets, which have become a recurring phenomenon, are used to conceal or minimize chronic budget deficits, to help provide funds for military appropriations and strategic construction projects, and to service the national debt. They exist in several capitalist countries in various forms, including supplementary budgets and budgets comprising special receipts and expenditures. The USSR does not have emergency budgets.

References in periodicals archive ?
RAMALLAH, Sunday, March 10, 2019 (WAFA) - Finance Minister Shukri Bishara said today that an emergency budget based on rationing will be put into effect until the end of the clearance money crisis with Israel.
BAGHDAD, July 24 (KUNA) -- The Iraqi Council of Ministers on Tuesday allocated more than USD 18 million from the emergency budget to implement vital services projects in many cities that have been witnessing protests in southern Iraq.
The Liberal Democrat administration claimed to have inherited a perilous financial position from the Conservatives while presenting their "emergency budget" to a full council meeting on July 17.
If Labour was in power it would be holding an emergency budget to give the NHS the PS5billion it needs.
Here are some tips: | Have an emergency budget. This will help with damage limitation to your finances.
"Next week the country needs an 'emergency Budget' for our public services that are in crisis, not a budget desperately designed to save the jobs of a weak Prime Minister and her embattled Chancellor." - Shadow chancellor John McDonnell.
SHADOW chancellor John Mc-Donnell has said a Labour government would spend an additional PS17billion a year as he called for an 'emergency budget' to alleviate the crisis in public services.
THE vote to quit the European Union has had a chilling effect on the British economy - but there will be no emergency budget, Chancellor Philip Hammond has said.
And there will be no emergency Budget until the Office for Budget Responsibility assess the fallout of Brexit, again in the autumn.
Given the doom and gloom forecasts since then from both Cameron and Osborne it is certainly a question demanding answers, particularly since these or indeed any forecasts for such gloom or the need for an emergency budget which would mitigate much of their economic promises made in that manifesto, were not mentioned.
An emergency budget within a couple of months of a Brexit vote could involve PS15 million of tax rises, including a 2p hike to 22% in the basic rate of income tax, as well as a 3p increase in the higher rate to 43%, as well as similarsized cuts in public services spending.
Speaking alongside Lord Darling, Mr Osborne is to warn he would launch an emergency budget if we leave.
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