Question: 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?

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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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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