Deficits, Debts and Growth: A Reprieve but not a Pardon
These are fast moving times. Two years ago, the U.S. Congressional Budget Office (CBO, 2001) projected a federal budget surplus of $172 billion for fiscal year 2003. One year ago, the projected figure had changed to a deficit of $145 billion (CBO 2002). The actual figure, near the end of fiscal year 2003, turned out to be a deficit of about $390 billion. And just one month ago, President Bush submitted a request to Congress for an additional $87 billion appropriation for war expenditures, over and above the $166 billion tallied so far. It is widely anticipated that even this will have to be revised upward by the end of the coming year (Stevenson 2003; Firestone 2003).
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Wynne Godley & Alex Izurieta, 2001. "As The Implosion Begins . . .? Prospects and Policies for the U.S. Economy: A Strategic View," Economics Strategic Analysis Archive 01-7, Levy Economics Institute.
- Claudio H. dos Santos & Anwar Shaikh & Gennaro Zezza, 2003.
"Measures of the Real GDP of US Trading Partners: Methodology and Results,"
Economics Working Paper Archive
wp_387, Levy Economics Institute.
- Claudio H. Dos Santos & Anwar M. Shaikh & Gennaro Zezza, 2003. "Measures of the Real GDP of U.S. Trading Partners: Methodology and Results," International Trade 0309021, EconWPA.
- Wynne Godley, 1999. "Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World," Economics Strategic Analysis Archive 99-10, Levy Economics Institute.
When requesting a correction, please mention this item's handle: RePEc:lev:levysa:03-10. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marie-Celeste Edwards)
If references are entirely missing, you can add them using this form.