To address both the near- and longer-term issues, the Congress and the administration should consider replacing the sharp, front-loaded spending cuts required by the sequestration with policies that reduce the federal deficit
more gradually in the near term but more substantially in the longer run," Bernanke said.
Since 1992, GAO has published long-term fiscal simulations of what might happen to federal deficits
and debt levels under varying policy assumptions.
According to the budgetary watchdog Citizens Against Government Waste, Congress this past year approved more than 10,600 "pork" items totaling nearly $23 billion--a 13 percent increase over the previous year--at a time when the federal deficit
surpassed $422 billion and the national debt topped $7.
Federal retrenchment--the growing federal deficit
will continue to impact resources available to the nonprofit sector at the federal, state and local level.
The Congressional Budget Office already projects a federal deficit
During the past four years, a late 1990s recession and tax cuts vaguely intended to attack it have transformed a large federal surplus into a huge federal deficit
And the concern becomes greater as the federal deficit
Bush's budget proposal, just as the CBO was increasing its projection for the federal deficit
this year by 24% to $246 billion.
Despite his deficit-fighting rhetoric, the federal deficit
and debt had in fact monstrously ballooned out of control during Mulroney's years in power.
7 trillion national debt or to save towards meeting Social Security obligations, the House bill could increase the current operating federal deficit
by 58 percent and risks converting a projected annual federal budget surplus in the next decade into an annual deficit of as much as $140 billion within a decade.
Underlying that agreement is the broadly shared view among economists and policymakers that eliminating the federal deficit
would yield wide-ranging economic benefits to the U.
The balance of the funds raised by the tax would be used to reduce the federal deficit