The nation's budget situation is challenging. In February 2009, the
CBO projected that the deficit in 2009 will reach more than $1.4
trillion, which includes the deficit impact of the American
Recovery and Reinvestment Act. Between 2010 and 2019, cumulative
deficits could reach as high as $10 trillion. These deficits are
largely a result of federal financial intervention and fiscal
stimulus legislation designed to alleviate the credit crunch and to
bolster the economy. Current economic conditions have also led to
increases in outlays for certain government social programs and
declines in revenue collections, leading to further deterioration
in the budget balance. This book explores and defines deficits and
the appropriate ways to measure them and will also describe how
current economic conditions and federal financial interventions
have increased the deficit over time.
General
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