The annual federal budget deficit is the amount by which federal
government outlays exceed revenues for a given fiscal year, with
surpluses generated when revenues exceed outlays. Budget deficits
or surpluses are often used to gauge national fiscal health, as
budget balances over time determine levels of federal debt held by
the public, and corresponding net interest payments required for
debt service. During an economic downturn, budget deficits could be
viewed as effective fiscal policy, with lawmakers enacting tax cuts
and increasing federal spending to simulate economic activity. This
book examines to what extent major legislative changes from 2001 to
2009 caused the budget to move from surplus to deficit.
General
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