Exact(4)
In coming years deficit reduction will be hard enough, with the recession-induced collapse in tax collections and the cost of the bail-outs.
Eighteen months into his Presidency, his economic advisers offered him essentially three paths: an ambitious new jobs package that he could personally advocate as an "emergency expenditure"; "a fiscally significant (several hundred billion dollars over ten years) deficit reduction package"; and an array of "new policies that have greater symbolic than deficit-reducing impact".
However, over the years, deficit financing has become an operating principle of Western governments, in recessions as well as in good economic times — simply because it is a convenient way of financing electoral promises without having to raise additional tax revenue.
For years, deficit scolds have held Washington in thrall with warnings of an imminent debt crisis, even though investors, who continue to buy U.S. bonds, clearly believe that such a crisis won't happen; economic analysis says that such a crisis can't happen; and the historical record shows no examples bearing any resemblance to our current situation in which such a crisis actually did happen.
Similar(56)
A $500 million deficit is project for next year and in four years deficits will grow to $1.5 billion.
In the next few years, deficits will "grow substantially" before stabilizing in 2023, resulting in a projected cumulative deficit of $11.7 trillion for 2018-2027, the CBO said. . (Reporting by Amanda Becker; Editing by Makini Brice and Kevin Drawbaugh).
In recent years deficits in this field have increasingly come to the attention of the public, politicians and professionals, as have insistent demands for the development of palliative care.
"How much of the final-year deficit does it eliminate?
The county faced a $100 million deficit and a projected two-year deficit of nearly $200 million.
Officials have estimated that Waterbury is facing a two-year deficit of $50 million.
Today, he said, the outlook is for a 10-year deficit of $1.5 trillion.
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