will amount to $521 billion this fiscal year--a very high level by historical standards.
To make matters worse, our children will wake up in 2014 wondering where the money went when they get the bill for the federal deficit
and the unfunded gap in Social Security benefits.
Using the current surplus in the Social Security account to pay for the $80 billion in federal tax breaks instead of to pay down any of the country's $3.7 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.
macroeconomic developments in the 1980s were clearly consistent with a strong presumption that causation in equation (1) ran from national saving to the export-import gap.(3) Unprecedentedly large federal deficits
associated with major policy shifts, together with a significant drop in household saving, led to historically low national saving.
The mounting federal deficit
and ongoing reductions in government services have taken their toll on America's national parks.
Rather they will disproportionately benefit Americans who contributed the least to eliminating the federal deficit
. Despite an 11th hour effort by the White House and Senate, the House leadership stood firm in opposing any deadline to provide critical public safety spectrum for police, fire, and state and local emergency rescue agencies.
"For the first time in five years, the federal deficit
is slated to begin climbing again this year.
These lower rates are a striking reminder that reducing federal deficits
will free up private savings, reduce the cost of credit to private borrowers, and encourage accumulation of capital that will help enhance growth in the future.
The report says such a failure would cause federal deficits
and the national debt to explode to "unsustainable - indeed, unthinkable - levels," potentially triggering a severe recession.
At the federal level, defense spending was on a clear downtrend, and the persistence of large federal deficits
argued against sizable new initiatives for nondefense spending.
Some people may be puzzled about municipal officials getting involved in educating citizens about the urgency to reduce federal deficits
and the national debt.
If the pool of private saving is small, federal deficits
and private investment will be in keen competition for funds, and private investment will lose.