I Overview: Returning Deficits and the Need for Fiscal Reform
Author:
Mr. Martin Mühleisen
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Language:
English
Print Publication Date:
07 Jan 2004
Keywords:
OP; deficit; tax; Medicare; spending; local government; federal budget; responsibility legislation; budget proposal; budget balance; budget framework

Abstract

U.S. government finances have experienced a remarkable turnaround in recent years. Within only a few years, hard-won gains of the previous decade have been lost and, instead of budget surpluses, deficits are again projected as far as the eye can see. The deterioration has not been restricted to the federal budget but has also taken place at the state and local government levels. As a result, the U.S. general government deficit is now among the highest in the industrialized world, and public debt levels are approaching those in other major industrial countries (Figure 1.1).

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Cover U.S. Fiscal Policies and Priorities for Long-Run Sustainability
U.S. Fiscal Policies and Priorities for Long-Run Sustainability
ISBN:
9781589062955
ISSN:
0251-6365
Publication Date:
07 Jan 2004
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589062955.084
Pages:
63