The welfare cap was breached when the government was forced into a U-turn on cuts to tax credits last year.
Today, the rule on reducing debt has also been broken.
With the UK economy slowing, public sector net debt as a proportion of gross domestic product will rise this year, the Office for Budget Responsibility says.
That leaves the chancellor with one rule still extant - a budget surplus by 2020.
Matt Hancock, the Cabinet Office minister, insisted to the BBC that the rule will not be breached.
And Mr Osborne has staked his reputation on it.
To get there, the government is going to borrow a lot more over the next three years.
Around £38bn more according to the think tank, the Resolution Foundation.
And then plan for large tax cheques to arrive - largely from major businesses - by the next election.
The Budget Red Book says that in 2019-2020, business tax payments will increase rapidly.
Changing the timing of corporation tax payments will bring in nearly £6bn, the Treasury predicts.
Commercial stamp duty reform should bring in £560m and restricting corporation tax relief nearly £1bn.
The £3.5bn spending cuts to government departments will also kick in that year.
The Treasury argues that the changes, allied to lower debt interest payments, means the government can hit a surplus by 2020.
Watch those numbers closely and remember they are only forecasts.
The chancellor is staking an awful lot on them turning out correctly.

The deal, to hand over the Red Sea islands of Tiran and Sanafir, was agreed during a visit to Egypt by Saudi King Salman in April 2016.
It sparked rare protests in Egypt, with the president accused of "selling" the islands in return for Saudi aid.
The deal has been subject to challenges in court over the past year.
But parliament has insisted the issue lies in its jurisdiction. Final approval is now needed from President Abdul Fattah al-Sisi.
Protesters gathered outside the press union in Cairo as news of parliament's approval became known. Several people, including some journalists, were detained.
Mr Sisi said the islands had always belonged to Saudi Arabia and that the Saudis had asked Egypt to station troops there in 1950 to protect them.
A court ruled in January that the government had failed to provide evidence that the islands were originally Saudi, although this ruling was overturned by another court a few months later.
Opponents accuse Mr Sisi of violating the constitution and handing over the islands to please Saudi Arabia which has backed him financially since he led the military's overthrow of his elected Islamist predecessor, Mohamed Morsi, in 2013.

A woman fell from a bridge over the motorway at junction three, near Nursling, and died at the scene. No-one else was injured.
Thousands of motorists were caught up in the resulting chaos as the westbound carriageway was closed during the evening rush hour.
The motorway fully reopened at 01:00 on Friday.
George Osborne set himself three fiscal rules - to cap welfare spending, to bring down debt as a proportion of national income and to produce a surplus by the end of the Parliament.
[NEXT_CONCEPT]
Egypt's parliament has given its approval to a controversial plan to transfer sovereignty of two largely uninhabited islands to Saudi Arabia.
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Nine people had to be treated in hospital for shock after witnessing an incident on the M27 at Southampton.