Exact(5)
So did Reagan's deficits shrink the beast?
Now, with the hard-pressed government unable to borrow and spend as deficits shrink, companies are obliged to sell their wares abroad — if they can.
But by and large, mayors, who are gathered here for their annual conference, have seen revenue either rise a bit or stay stable, deficits shrink, property values increase, new jobs crop up and the quality of life improve.
With the national debt now topping $12 trillion, the White House estimates that the government's tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically.
Asia's economic problems could have much nastier consequences if politicians in rich economies respond badly to Asia's narrowing current-account deficits over the next year as countries reduce imports and increase exports.As these deficits shrink, America's external deficit will certainly widen.
Similar(55)
The national debt shot up in the aftermath of the recession, but stabilised as deficits shrank.
Adding to the squeeze on Treasuries is the declining total of maturing government debt, simply because the Treasury issued less as deficits shrank and surpluses grew.
Like many mid-sized ensembles, the Milwaukee recently went through a crisis period — rising deficits, shrinking audiences, and the rest — although some canny financial planning seems to have imposed a degree of stability.
But as government budget deficits shrank and then gave way to surprisingly large surpluses, the Treasury scaled back the amount of securities it sold and wondered if the cost of 30-year bonds was just to high.
He described plans to sharply reduce the country's deficit, shrink public sector salaries, raise the retirement age and increase taxes.
What is really galling is that, in order to make the deficit shrink, the Treasury assumes that the economy will start growing again at the end of this year and expand by 3.5% in 2011.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com