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it View History Bookmarks Tools Window Help X MindTap - Cengage Learning X Logins & Passwords O https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=583264 CENGAGE MINDTAP plla Homework: Federal Budgets and Public Policy Back to Assignment Attempts Average / 2 2. Budget philosophies There are several Important philosophies regarding budget balances. One way In which they differ is In terms of the time span over which the budg should be balanced. Another difference among budget philosophies involves whether the budget balance is as important as other economic goals. Which of the following budget phil sophies advocates allowing deficits during recessions that are offset by surpluses during expansions? Cyclically balanced budget Functional finance Annually balanced budget A major problem with the implementation of this philosophy is that it; )Can allow the national debt to burgeon with chronic deficits Relies upon government officials to budget for surpluses during boom times in order to cover deficits during recessions Magnifies business cycle fluctuations Grade It Now Save & Continue Continue without saving