The paper "Economic Analysis of Budgetary Imbalance" describes the issue of budgetary imbalance in broad historical context. The crucial factor of deficit financing of modern states may be traced back to the Great Depression of 1929-1933. Another significant factor is the economic theories of J. M. Keynes. This paper emphasizes that deficit financing has become reality in most of the countries of the world since 1950s. Referring to the statistics, the author has shown that this has been taking place regardless of the political orientation of the governments and of the economic situation in which the particular countries were. Finally, the author highlighted the necessity of systematic changes, i. e. political, economic, legal, and changes in functioning of the states.