Does your job owe you time off when you correctly request it or can they deny you?

So theoretically if you request time off for your job and do it based on how they specicify you should, like a week or two in time, do you feel they have the right to deny your request or since you requested off correctly that they should give it to you. Does it depend on the job or why you requested off? This isnt actually happening to me, but I heard my job doesnt want anymore requests this year. Wanting to hear other opinions.

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