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	Deficit - Wikipedia, the free encyclopedia
		The size of a governmental budget deficit is often an important political issue as well as one of economic policy.
		The budget for most of the 20th century followed a pattern of deficits during wartime and economic crises, and surpluses during periods of peacetime economic expansion.
		Subsequently the budget has returned to a deficit basis; the estimated U.S. deficit for fiscal year 2005 was $319 billion.
	en.wikipedia.org /wiki/Deficit (572 words)

	AllRefer.com - budget : The U.S. Budget Deficit (Economics: Terms And Concepts) - Encyclopedia
		Budget reforms passed in 1974 mandated congressional budget resolutions to serve as alternatives to the president's proposed budget, and budget impasses became common.
		The 1985 Gramm-Rudman-Hollings Act tried to control America's escalating deficits by giving the U.S. comptroller general the right to order spending cuts if the president and Congress did not reduce the deficit, but the bill was ultimately declared unconstitutional.
		A balanced budget was maintained through late 2001, but tax cuts, the cost of President Bush's "war on terrorism," increased defense and other spending, and the effects of an economic recession produced a deficit again beginning with the 2002 budget.
	reference.allrefer.com /encyclopedia/B/budget-the-u.s.-budget-deficit.html (400 words)

	FRBSF: Economic Letter - The Budget Deficit (1/30/98)
		Nearly half of the reduction in the deficit since 1992 from 4.7% to 0.3% of GDP is due to the reduction in the unemployment rate and the increase in GDP relative to potential output.
		The remaining 2.4 percentage points of reduction in the deficit as a share of GDP are a reduction in the cyclically adjusted deficit.
		The end of the era of deficits means that the total drag on the economy inflicted by cumulative budget deficits is no longer increasing.
	www.frbsf.org /econrsrch/wklyltr/wklyltr98/el98-03.html (1945 words)

	Encyclopedia: Budget deficit
		Note that the deficit is distinct from the government's debt (often confusingly called the national debt or public debt), which results from an accumulated deficit across a number of years.
		Subsequently the budget has returned to a deficit basis; the estimated U.S. deficit for fiscal year 2004 is $412.6 billion.
		An issue about counting so_called "off_budget" items such as Social Security, which are presently running a large surplus, complicates discussion of budget deficits.
	www.nationmaster.com /encyclopedia/Budget-deficit (326 words)

	The Budget and Economic Outlook: Fiscal Years 2005 to 2014
		Although last year's deficit was smaller than those of the mid-1980s and early 1990s in relation to the size of the economy, it set a record in nominal dollar terms.
		The Deficit Control Act states that such spending should be projected by adjusting the current year's discretionary budget authority to reflect inflation--using specified indexes--and other factors (such as the cost of annualizing adjustments to federal pay).
		Extrapolating the remaining budget authority for 2004, CBO's projections of discretionary outlays have risen since the August baseline by $2 billion for 2004 and by a total of $124 billion for the 2004-2013 period.
	www.cbo.gov /showdoc.cfm?index=4985&sequence=2 (9290 words)

	CNN.com - Budget office projects U.S. deficit to hit $477 billion - Jan. 26, 2004
		The federal deficit will hit a record $477 billion this year and get worse if lawmakers cut taxes or increase spending, the Congressional Budget Office projected Monday in a report sure to become ammunition in the election-year fight over red ink.
		The budget office also estimated that deficits for the decade ending in 2013 would total nearly $2.4 trillion.
		The figures were similar to the budget office's last report as the added costs for the newly passed Medicare expansion were offset by higher revenue generated by the improving economy.
	www.cnn.com /2004/US/01/26/budget.deficits.ap (779 words)

	U.S. budget deficit expands to $412.5 billion - Stocks & Economy - MSNBC.com (Site not responding. Last check: 2007-11-06)
		Though the final 2004 figure was the largest budget deficit in U.S. history, it was smaller than the White House’s most recent forecast of a $445 billion shortfall given in July and well below the $521 billion it foresaw early this year.
		Democrats used the budget and debt limit announcements to criticize their political opponents’ fiscal record in the run-up to the Nov. 2 presidential election.
		The fiscal 2003 shortfall was originally reported as a $374.22 billion deficit, which was then a record.
	www.msnbc.msn.com /id/6249895 (724 words)

	Official Treasury Report Shows Fourth Year Of Deficit Growth, Despite Economic Recovery, 10/14/04
		At 3.6 percent of GDP, the 2004 deficit is up from the 2003 level of 3.5 percent of GDP and is the highest level since 1993.
		That the deficit did not climb as much in 2004 as earlier projected appears to reflect factors such as higher-than-expected inflation and an increased concentration of income at the top of the income scale.
		On September 23, CBO reported to Rep. John Spratt that when the Administration’s budget proposals are adjusted to reflect the costs of continuing to provide AMT relief and the costs of operations in Iraq and Afghanistan (that are assumed to scale down over time), the deficit does not fall in half.
	www.cbpp.org /10-14-04bud.htm (1217 words)

	US returns to triple-digit budget deficits (Site not responding. Last check: 2007-11-06)
		The deficit is a huge shift from the $127 billion surplus in the previous fiscal year, which began while Clinton was still in the White House and ended just before the US launched military action against Afghanistan, on October 7, 2001.
		The Bush administration’s budget director, Mitch Daniels, said that previous projections of huge federal budget surpluses for the next decade had been invalid because they were based on the one-time windfall from the market bubble.
		The budget deadlock is the worst since 1995-96, when large portions of the federal government were shut down in a conflict between the Republican-controlled Congress and the Clinton White House.
	www.wsws.org /articles/2002/oct2002/budg-o31.shtml (984 words)

	CBS News \| Bush Deficit Plan Draws Derision \| December 17, 2003 17:17:26
		Administration officials say their goal is a 2009 deficit that is half of this year's level, which White House budget chief Joshua Bolten has said he expects to hit $500 billion.
		The deficit for the budget year that ended Sept. 30 was $374 billion, the highest ever in dollar terms.
		The nonpartisan Congressional Budget Office projected last August that after peaking at $480 billion this year, the gap would drop to $170 billion by 2009 — if no new tax cuts are enacted and spending grows only at the rate of inflation.
	www.cbsnews.com /stories/2003/12/17/politics/main589170.shtml (904 words)

	California Citizens' Budget, A 10-Point Plan to Balance the California Budget and Protect Quality-of-Life Priorities (Site not responding. Last check: 2007-11-06)
		Although 45 states are facing budget shortfalls this fiscal year, the State of California is faced with a deficit in the ballpark of $30 billion — the nation's largest.
		The Citizens' Budget is an objective, line-by-line analysis of the governor's proposed budget.
		Balancing the Budget While Preserving TABOR and Colorado's Quality of Life (2/12) This new report from the Reason Foundation and the Independence Institute demonstrates the potential savings that Colorado lawmakers can utilize to address the current state budget deficit, while achieving greater results for the taxpayers.
	www.rppi.org /cacitizensbudget.html (2402 words)

	USATODAY.com - Federal deficit forecast at $477B (Site not responding. Last check: 2007-11-06)
		The projected deficit this year, 4.2% of GDP, is not the biggest in recent history, but it is close to some of the largest in the Reagan and first Bush administrations.
		Over the next 10 years, deficits are likely to add almost $2.4 trillion to the public debt, pushing it to $6.4 trillion, the CBO said.
		Budget deficits can help the economy by stimulating spending, but economists warn that they're dangerous.
	www.usatoday.com /news/washington/2004-01-26-def_x.htm (577 words)

	New Congressional Budget Office Estimates Show Continued High Deficits and Further Fiscal Deterioration, Rev. 10/1/04
		When the actual deficit is announced at about $422 billion shortly before the election, the Administration may contend that the $422 is “good news” that shows further progress has been made since July, because the 2004 deficit has been “reduced” further from $445 billion to $422 billion.
		The Administration is portraying the drop in the projected 2004 deficit from the $477 billion level that CBO projected in March to the newer estimate of $422 billion as a sign of unexpectedly strong economic growth, which the Administration also claims vindicates its tax-cut policies.
		In summary, the deficit that is now forecast for 2004 exceeds the 2003 deficit and is unusually high for a time when the economy is on the rebound.
	www.cbpp.org /9-7-04bud.htm (4842 words)

	Federal budget deficit forecast to hit nearly $2.4 trillion over next decade (Site not responding. Last check: 2007-11-06)
		But the Concord Coalition, a nonpartisan group that supports a balanced budget, said that if all expiring tax cuts are made permanent and spending continues to rise at the same rate, the CBO estimate of total deficits could be increased by $5.4 trillion over 10 years.
		Bush has said little about deficits lately but has tried to assure voters that the economy is improving and that jobs are starting to return (about 2.3 million jobs have been lost in the past three years).
		Bush blames the deficits on the recession, which he contends started before he took office, along with the costs of the war on terrorism as well as the huge blow to the economy from the Sept. 11, 2001, attacks on the United States.
	www.post-gazette.com /pg/04027/266028.stm (1000 words)

	[No title] (Site not responding. Last check: 2007-11-06)
		For example, in its 2002-2011 Budget and Economic Outlook, which was published when the stock bubble was still near its peak in January of 2001, CBO projected that the government would collect $1,240 billion in tax revenue over period from 2001 through 2011 (table 3-6).
		Although projecting the exact impact of the current account deficit on the budget deficit involves assumptions that are subject to debate, the basic logic is unassailable.
		There are reasons for believing that the actual impact of the current account deficit on the budget deficit could be either higher or lower, but the potential impact is large compared to many other items that are included in the budget projections.
	www.cepr.net /publications/Current_Account_Deficit.htm (2122 words)

	Budget Explorer: The Complete US Federal Budget
		The US Federal Budget, in surplus only a few years ago, has dropped dramatically back into deficit.
		Recent budget deficits have broken all previous records.
		Budget deficits are funded with borrowed money, which increases our National Debt.
	www.kowaldesign.com /budget (210 words)

	Some analysts say Bush's deficit-cutting plan is an illusion - Jan. 26, 2004
		The Congressional Budget Office estimated Monday that the federal budget deficit would swell to $477 billion this year, a record in terms of the sheer number of dollars involved, amounting to 4.2 percent of gross domestic product (GDP), the highest level since a record 4.8 percent in 1986.
		The budget also will not include the effect of reforming the alternative minimum tax (AMT) to cut the number of people it affects, which the CBO has estimated will add $172 billion to the deficit through 2009.
		Some observers have said deficits don't matter, noting the economy survived enormous deficits under President Reagan, and claiming the economic boom of the 1990s may have been due, in part, to deficit spending.
	money.cnn.com /2004/01/26/news/economy/election_budget (1148 words)

	The National Budget, Debt & Deficit :: MarkTAW.com
		I also wrote an article on The U.S. Trade Deficit that should be read alongside this one for a more complete picture of our place in the world.
		One is simply to look at the actual dollars, but this doesn't take into account inflation (the how much more things costs today than yesterday), or the economy as a whole (all of the goods and services produced in the country, GDP).
		While it may be tempting to think government deficit spending influences employment, the opposite is likely true - the more people who are employed, the more revenue the government gets through taxes.
	www.marktaw.com /culture_and_media/TheNationalDebt.html (1835 words)

	A Record Deficit (washingtonpost.com)
		But outside budget experts had warned that the forecast was inflated, which tarnishes any celebration of the new number.
		As for the promise to cut the deficit in half, the administration manages that feat only by ignoring known or likely costs, such as fixing the alternative minimum tax, funding operations in Iraq and paying for its announced defense plans.
		The liberal-leaning Center on Budget and Policy Priorities estimates the total in omitted costs at more than $140 billion -- meaning that a more honest estimate of the 2009 deficit would be at least $370 billion and perhaps as high as $410 billion.
	www.washingtonpost.com /wp-dyn/articles/A41149-2004Aug4.html (475 words)

	budget: The U.S. Budget Deficit
		tried to control America's escalating deficits by giving the U.S. comptroller general the right to order spending cuts if the president and Congress did not reduce the deficit, but the bill was ultimately declared unconstitutional.
		In the late 1990s budget-tightening measures—aided by the U.S. economic boom—reduced the deficit and led to two consecutive federal budget surpluses (1998–99); back-to-back surpluses had last occurred in 1956–57.
		The 2004 deficit reached a new record level, $412.6 billion, a figure that did not include tens of billions spent on the occupation and reconstruction of Iraq.
	www.factmonster.com /ce6/bus/A0857057.html (292 words)

	Federal Deficit, by Laurence J. Kotlikoff: The Concise Encyclopedia of Economics: Library of Economics and Liberty
		Other economists, who worry about deficits, claim that the correlation between the deficit and other economic variables is so low because the deficit has been defined incorrectly.
		Using the government's debt figures to assess its financial position is, in their view, akin to calling the owner of a $1 million property a debtor because he has a large mortgage on the property.
		Since everyone is sure the deficit should be zero, but no one is sure how to measure it, the deficit's definition has real implications for economic and budget policy.
	www.econlib.org /library/Enc/FederalDeficit.html (1895 words)

	The U.S. budget is in worse shape than many people think - Aug. 27, 2003
		The CBO also said it expects deficits from 2004 to 2008 to total $1.44 trillion, easily the worst five-year period in history.
		At that pace, if the tax cuts are made permanent and a prescription drug plan is passed, the 2004-2008 deficit projection jumps to $2.6 trillion, and the 2004-2013 deficit projection surges to $6.2 trillion.
		The size of the deficit could be critical to the broader economy, according to some economists, who worry it could force interest rates ever higher, raising the cost of borrowing and slowing down growth.
	money.cnn.com /2003/08/27/news/economy/budget (509 words)

	Online NewsHour: Record Budget Deficit -- July 15, 2003
		The Bush administration announced the 2003 federal budget deficit would be the highest in U.S. history: $450 billion.
		We have in the number you cited which is an estimate of the '03 budget deficit; we have included costs for the war on Iraq.
		The budget that the president sent up and the budget resolution that the Congress adopted earlier this year says that we can't grow that more than 4 percent.
	www.pbs.org /newshour/bb/economy/july-dec03/deficit_7-15.html (2236 words)

	Federal Budget & Deficit
		It is easy to see that the greatest increases in both the budget and the deficit were WWI and WWII, and the only era that the deficit actually decreased noticeably was between WWI and the Great Depression.
		Increasing deficits are caused either by a drop in revenues or an increase in expenditures.
		From this point forward, the social security surplus gets added into the general budget making the deficit appear smaller than it actually is. Here, revenue increases lag behind spending increases, so the deficit grows.
	www.geocities.com /CapeCanaveral/Launchpad/5577/philo/fedbgt.htm (701 words)

	Bush budget includes $521 billion deficit - washingtonpost.com Highlights - MSNBC.com
		His budget also does not propose any cuts to the majority of federal spending, entitlement programs such as Medicare, Medicaid and Social Security that are funded by congressionally mandated formulas, not annual spending bills.
		The budget will propose a modest, one-year tax change to keep millions of Americans from facing the alternative minimum tax, a parallel income tax system originally designed to ensure the rich pay taxes but increasingly ensnaring the middle class.
		But budget aides in both parties noted that the higher number makes it easier to say the deficit would be cut in half in five years.
	msnbc.msn.com /id/4131906 (1240 words)

	The Seattle Times: Nation & World: Bush's budget may be tough sell at Capitol
		The budget is a blueprint proposed by the administration; lawmakers in both chambers will spend much of the year haggling over which programs to fund and which to scale back.
		It is the 2004 deficit that Bush is promising to cut in half by 2009, but he's not starting with the actual 2004 deficit of $412 billion.
		Instead, his benchmark is the projected $521 billion deficit that his Office of Management and Budget estimated a year ago, when the fiscal year was only four months old.
	seattletimes.nwsource.com /html/nationworld/2002172952_budget07.html (1063 words)

	Senate Budget Committee - Democratic Staff Website
		It is good news that this year's deficit is now projected to be lower than last year's record, but this is hardly a time for celebration.
		Looking forward, deficits and debt will explode just outside the administration's five-year budget window — as the rising cost of tax cuts and other administration policies collide with the retirement of the baby boom generation.
		Deficits would not be cut in half under this resolution.
	budget.senate.gov /democratic (1217 words)

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