Chicago school of economics
Advocates of fiscal conservatism reject Keynesianism by arguing that government should "always" run a balanced budget (and a surplus to pay down any outstanding debt), and that deficit spending is "always" bad policy. The neoclassical-inclined Chicago school of economics has supported fiscal conservative ideas. Numerous states of the United States have a balanced budget amendment to their state constitution, and the Stability and Growth Pact of the European Monetary Union punishing government deficits of 3% of GDP or greater.