Exact(12)
Mr. Stiglitz warns of "deficit fetishism," arguing that further recession could increase the deficit beyond the government's ability to cut spending.
The agreement published yesterday does not address the politics of the deficit beyond an acceptance that the cuts will begin this summer.
For instance, any bill that adds to the deficit beyond a ten-year window would have to expire after a decade.
It was about a year ago that prosecutors first summoned Mr. Georgiou, following the assertions by Ms. Georganta that Elstat had inflated the deficit beyond the 12.4 percent figure.
They further called upon Parliament to consider whether the former Socialist prime minister, George Papandreou, and the former finance minister, George Papaconstantinou, should be investigated for their roles in expanding the deficit beyond 12.4 percent.
Greece had admitted not only that the cost of mounting the Olympic Games in August had pushed its annual budget deficit beyond the 3% cap every year since 2000 but also that it had used inaccurate earlier numbers in order to be admitted to the EMU in 2001.
Similar(44)
The budget office has projected that the Senate bill would continue to reduce future deficits beyond 2019, but that is too far off to estimate precisely.
The draft communique reflected a row brewing between Europe and the United States over extending a promise to reduce budget deficits beyond 2016.
Over a two-term presidency, Newt Gingrich would increase deficits beyond current projections under all three scenarios, as much as $9.7 trillion, while Mitt Romney and Rick Santorum would increase deficits under two of the three forecasts by trillions of dollars.
But it has warned that the legislation "would probably generate substantial increases in federal budget deficits" beyond 2019, in part because health costs are rising faster than the rate of inflation and proposed new taxes would not keep up.
It found that all four men remaining in the Republican race would increase annual budget deficits beyond what is currently projected, under at least one of the scenarios studied.
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