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Topic: Fiscal deficit

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	MacroScan - Fiscal Deficit
		The fiscal deficit is the difference between the government's total expenditure and its total receipts (excluding borrowing).
		The elements of the fiscal deficit are (a) the revenue deficit, which is the difference between the government’s current (or revenue) expenditure and total current receipts (that is, excluding borrowing) and (b) capital expenditure.
		The second argument linking fiscal deficits and inflation is that in an economy in which the output of some essential commodities cannot be increased, the increase in demand caused by a larger fiscal deficit will raise prices.
	www.macroscan.com /eco/aug02/eco170802Fiscal_Deficit.htm (999 words)

	Fiscal deficit reaches (Site not responding. Last check: 2007-10-21)
		Fiscal deficit reaches $374.22B, as officials warn it may be even higher in 2004 budget year.
		Administration officials warned the deficit, which they blame on sluggish government revenues and rising expenses related to the war on terrorism, may be even larger in the current 2004 budget year, which began Oct. 1.
		The previous record deficit was posted by President Bush's father, and was a major issue in his losing bid for reelection in 1992.
	lilt.ilstu.edu /gmklass/pos209/assignments/fiscal_deficit_reaches.htm (331 words)

	Fiscal Policy, by David N. Weil: The Concise Encyclopedia of Economics: Library of Economics and Liberty
		Fiscal policy is said to be tight or contractionary when revenue is higher than spending (the government budget is in surplus) and loose or expansionary when spending is higher than revenue (the budget is in deficit).
		Fiscal policy is especially difficult to use for stabilization because of the "inside lag"—the gap between the time when the need for fiscal policy arises and when it is implemented by the president and Congress.
		The greatest obstacle to proper use of fiscal policy—both for its ability to stabilize fluctuations in the short run and for its long-run effect on the natural rate of output—is that changes in fiscal policy are necessarily bundled with other changes that please or displease various constituencies.
	www.econlib.org /library/Enc/FiscalPolicy.html (2075 words)

	Fiscal deficit: Grim consequences!
		Fiscal Deficit is the excess of government's expenditure over its receipts in an accounting year.
		Deficits are a feature of any economy and more so of a developing economy due to the compulsions of investing for future growth.
		Higher fiscal deficit in India has been one of the major reasons for relatively higher level of inflation in the Indian economy as compared to other developing and developed nations.
	www.rediff.com /money/2004/jun/30bud9.htm (882 words)

	Center for Immigration Studies
		With nearly two-thirds of illegal aliens lacking a high school degree, the primary reason they create a fiscal deficit is their low education levels and resulting low incomes and tax payments, not their legal status or heavy use of most social services.
		Thus the fiscal deficit they create for the federal government is not the result of an unwillingness to work.
		But assuming that the fiscal status quo is unacceptable, there are three main changes in policy that might reduce or eliminate the fiscal costs of illegal immigration.
	www.cis.org /articles/2004/fiscalexec.html (2515 words)

	All you wanted to know about fiscal deficit
		Fiscal deficit is essentially the difference between what the government spends and what it earns.
		The fiscal deficit stands at Rs 139,231 crore (Rs 1,392.31 billion), which is equivalent to 4.5 per cent of the GDP.
		The FRBMA requires the Government of India to reduce fiscal deficit by a minimum of 0.3 per cent of the GDP every year and revenue deficit by 0.5 per cent each year, so that the fiscal deficit is not more than 3 per cent of the GDP by March 31, 2009.
	in.rediff.com /money/2005/apr/12fiscal.htm (2256 words)

	Fiscal Developments
		Consequent to the release of new series of national accounts, the fiscal deficit as a proportion of GDP at current market prices is now placed at 5.5 per cent and 5.1 per cent for 1997-98 (RE) and 1998-99 (BE) respectively (Table 1.6).
		The fiscal deficit in April-December, 1998 was exacerbated on account of a higher growth in total expenditure at 26 per cent compared with a growth of only 4.7 per cent in total revenue receipts.
		Thus, preliminary estimates indicate that the fiscal deficit was higher by 77.1 per cent in April-December, 1998 over that in April-December, 1997, and accounted for about 80.7 per cent of the budgeted fiscal deficit for 1998-99.
	www.ieo.org /budget99/fiscal_developments.html (1002 words)

	Asia Times Online - The best news coverage from South Asia
		Deficits are but one a feature of a developing economy given to the compulsions of investing for future growth, especially in a situation of a savings investment mismatch.
		To put things in perspective, the total fiscal deficit of India (ie combined deficits of the central and state governments) is estimated to be more than 10% for the financial year 2003-04.
		Unless the fiscal situation is reined in, there is no way that the government can internally fund capital expenditures to underpin the 7-8% growth objective over the next five years, let alone double-digit growth rates.
	www.atimes.com /atimes/South_Asia/FH11Df03.html (1347 words)

	Fiscal policy - Wikipedia, the free encyclopedia
		Fiscal policy is the economic term which describes the actions of a government in setting the level of public expenditure and how that expenditure is funded.
		A fiscal deficit is often funded by issuing bonds, like Treasury bills or consols.
		Fiscal Policy is used by governments to influence the level of aggregate demand in the economy, in an effort to achieve economic objectives of price stability, full employment and economic growth.
	en.wikipedia.org /wiki/Fiscal_policy (523 words)

	CBO says fiscal 2006 deficit is $250 bln - Boston.com
		The fiscal 2006 deficit is significantly lower than the all-time U.S. budget deficit record of $413 billion in 2004.
		It also is significantly lower than the White House's February forecast of a $423 billion deficit for fiscal 2006, which at the time was thought to be unrealistically high by many experts.
		In August, CBO said the deficit is likely to grow to $286 billion for the current fiscal year and climb to $328 billion in fiscal 2010.
	www.boston.com /news/nation/washington/articles/2006/10/06/cbo_says_fiscal_2006_deficit_is_250_bln (298 words)

	The Telegraph - Calcutta : Business (Site not responding. Last check: 2007-10-21)
		The deficit till October was 60.9 per cent of Rs 1,51,144 crore budgeted for the entire year and worked out to 2.6 per cent of the country’s gross domestic product (GDP).
		Fiscal deficit at Rs 92,068 crore till October was 50 per cent higher than Rs 62,135 crore last year, figures released by the Controller General of Accounts said.
		The government’s revenue deficit during the first seven months of this fiscal stood at Rs 70,284 crore, or 73.7 per cent of the budget estimate of Rs 95,312 crore for 2005-06.
	www.telegraphindia.com /1051201/asp/business/story_5544528.asp (208 words)

	India - News - Economic Survey Sounds Alarm Over Fiscal Deficit (Site not responding. Last check: 2007-10-21)
		It warned that current account deficit was expected to widen to 1.5 to 1.7 per cent of GDP this year due to higher import bill mainly due to oil imports, which had increased sharply.
		Turning to fiscal deficit, it said buoyant tax collections and lower expenditure growth had helped in the decline of gross fiscal deficit to Rs 64,628 crore in the first nine months of this year as against Rs 67,082 crore in the corresponding period the previous year.
		But it warned that sustained high fiscal deficit, both at the Central and state levels, was the “key problem” affecting the economy.
	www3.estart.com /india/news/fiscaldeficit.html (457 words)

	The Hindu : The puzzle of the fiscal deficit
		That a long period of fiscal deficit inevitably causes the public debt to swell is another dreadful consequence is also part of this received wisdom.
		The highest fiscal deficit of 6.4 per cent of the GDP in 1998-99 did not result in any damaging deceleration in the growth rate even if a lag factor (of one year) can be imputed.
		In 1996-97, the year of the lowest level of fiscal deficit, capital formation in the private sector was of the order of 17.6 per cent of the GDP representing a slowdown.
	www.hinduonnet.com /2000/08/12/stories/0612000k.htm (819 words)

	Fiscal deficit "unacceptably high": PM - Sify.com
		The combined fiscal deficit is budgeted to drop to 7.7 per cent of GDP this year, but analysts say various social sector spending plans of the Congress-led government could see finances come under pressure.
		The federal fiscal deficit in the first five months of the April-March financial year has already reached more than 57 per cent of the year's 1.5 trillion rupee target, much bigger than 38 per cent a year earlier.
		It aims to keep the federal deficit at 4.3 per cent of GDP in the year to end-March 2006, instead of lowering it to below 4 per cent as it is supposed to under a recent fiscal law.
	sify.com /finance/fullstory.php?id=13959344 (617 words)

	MacroScan - Is a Fiscal Deficit Inherently Bad?
		In the late twenties the British Treasury (because of which this view came to be known as the "Treasury View") that in all circumstances the government's balancing its expenditure with its income, i.e.
		A slight variation of this view is that the fiscal deficit must under all circumstances never be allowed to exceed a certain small limit.
		To argue against the mitigation to human suffering that an increased fiscal deficit can provide is therefore bad theory, the sheer "humbug of finance".
	www.macroscan.com /eco/aug02/eco170802FiscalDeficit.htm (612 words)

	Bahamas Fiscal Deficit Forecast Revised
		The budget projects a GFS deficit of $164 million, but the prime minister said it is likely that the figure will be less.
		He said the new expectation is that the deficit for 2004/2005 could be closer to 2.5 percent of GDP as opposed to the 2.9 percent he projected in the budget communication on May 26.
		Christie's revision to his deficit forecast came only a day after former Prime Minister Hubert Ingraham told parliament that the new budget does not provide the right tonic for the country's fiscal predicament.
	www.geocities.com /bzephyr2002/Deficit_A.html (663 words)

	A deficit of fiscal smarts (Site not responding. Last check: 2007-10-21)
		Bush claimed that his tax cuts, which increased the deficit, were the basis of the recovery from the 2001 recession.
		The first is that deficits may be beneficial in the short run, when the economy is in a recession and resources are underemployed, but may be harmful in the long run.
		If the deficit comes about as a result of expenditures on high-return public investments, such as in science or technology, airports or roads, then the benefits may again vastly exceed the costs by spurring growth.
	www.sfgate.com /cgi-bin/article.cgi?f=/c/a/2003/12/21/INGH63P9601.DTL&hw=stiglitz&sn=008&sc=183 (1279 words)

	domain-B : Indian business : finance : Fiscal deficit down for April-December '04
		According to the latest data released by the Controller General of Accounts, the centre's fiscal deficit during April-December 2004 - the difference between its total expenditures and its receipts from both current and non-debt capital sources - was only 65.7 per cent of the budget estimate of Rs1,37,407 crore for the entire current fiscal.
		The budget had assumed the fiscal deficit for 2004-05 to rise from the revised estimate of Rs1,32,103 crore for 2003-04.
		While the primary deficit during April-December 2004, at Rs10,354 crore, was better than the Rs13,848 crore for the first nine months of 2003-04, it has already crossed the budget estimate of Rs7,907 crore for 2004-05.
	www.domainb.com /finance/general/20050202_deficit.html (460 words)

	Fiscal policy (Site not responding. Last check: 2007-10-21)
		'''Fiscal Policy''' is the economic term which describes the behaviour of governments in raising money to fund current spending and investment for collective social purposes and for transfer payments to citizens and residents of the territory for which the government is responsible.
		For this reason a government will typically aim to ensure that its fiscal deficit averaged over the business cycle is no greater than the share of state spending of gross domestic product multiplied by the sustainable rate of growth of gross domestic product.
		An exception to this rule arises when the deficit finances government investment in infrastructure, public health, basic research, or education, which can stimulate increases in potential output, i.e., long-term (supply-side) economic growth.
	fiscal-policy.kiwiki.homeip.net (663 words)

	The Telegraph - Calcutta : Business (Site not responding. Last check: 2007-10-21)
		The minister said fiscal deficit had crossed 60 per cent of budgetary targets during the first five months of this fiscal.
		The fiscal deficit would be contained at 3.8 per cent of GDP and revenue deficit at 2.1 per cent of GDP as projected in the budget, he added.
		Revenue deficit stood at Rs 79,348 crore, which was 93.71 per cent of the target of Rs 84,727 crore for entire 2006-07, he said.
	www.telegraphindia.com /1060930/asp/business/story_6812692.asp (531 words)

	FRA to cap fiscal deficit
		Emphasising the need for containing the fiscal deficit, Sinha had proposed that a strong institutional mechanism be put in place to check the growing menace of deficit.
		During the last five years, the fiscal deficit has grown from 4.0 per cent of GDP in 1996-97 to 5.6 per cent during 1999-2000.
		In absolute terms, the fiscal deficit, which was Rs 56,242 crore in 1996-97, swelled to Rs 1,08,898 crore in 1999-2000, and is expected to rise further to Rs 1,11,275 crore during the current financial year.
	www.expressindia.com /ie/daily/20000716/ibu16029.html (475 words)

	Budget -- Big slippage in fiscal deficit target
		Till December, the fiscal deficit was Rs 73,434 crore, or around 81 per cent of the target for the full year -- at the same time last year, the fiscal deficit was around 63 per cent of the full year's target.
		And the primary deficit, which is nothing but the fiscal deficit after subtracting interest payments, is a little under double the estimate for the full year.
		Other factors which have lead to a worsening fiscal deficit position is the fact that this year's small savings are a full Rs 2,000 crore higher than the full year's target -- by March, they are expected to overshoot the target by a whopping Rs 10,000 crore.
	www.expressindia.com /ie/daily/19990209/ibu09034.html (668 words)

	Economy: Fiscal Deficit: Vortex of Debt
		It wants the fiscal deficit to incease by only 9 per cent this year against the average increase of 13.5 per cent in the 90s.
		From 3 per cent of the GDP in 1975-76 the fiscal deficit rose to 6 per cent in 1980-81 to 8 per cent in 1990-91.
		The consolidated fiscal deficit is still close to 9 per cent of the GDP while that for the Centre has been above 5.5 per cent for all but two years through the '90s.
	www.india-today.com /itoday/15021999/biz.html (1207 words)

	The Hindu Business Line : Fixing the fiscal deficit
		The problem of fixing fiscal deficit targets is not with the economic logic, but with its practical political implications.
		On the specific suggestion to exclude public investment on infrastructure from fiscal deficit, the article states that the IMF acknowledge that there is a clear need to promote and protect infrastructure investment.
		The whole issue of over-emphasis on fiscal compression as a matter of public policy needs to be revisited, especially in the current context of India facing a high infrastructure deficit and mounting social and defence needs.
	www.thehindubusinessline.com /2005/04/11/stories/2005041100480900.htm (1417 words)

	fiscal deficit
		fiscal deficit should be positive - thats means india is living within its means.sometimes borrowing is required to fund infrastructure which leads to stimulating economy and profits and initial investment is also recouped.
		First, the deficit though very large is not of concern at this moment because as a percentage of the total GDP it is small.
		Indian fiscal deficit at the Union level is 4%, and most othe state budgets do also bear lot of deficit, unlike U.S. where almost 48 states are compelled by their state constitutions to balance the budget.
	o3.indiatimes.com /ankitmaheshwari/archive/2006/02/24/499381.aspx (3442 words)

	The Hindu : Business : Fiscal deficit contained in 2005-06 as per target
		Comparatively, however, the Centre's efforts on this front translated into a far better performance during 2004-05 as the actual fiscal deficit that year was only 89.9 per cent of the revised estimates as against 100.1 per cent during 2005-06.
		In effect, the actual revenue deficit translated to 2.7 per cent of the GDP, at the same level as in the budget estimates (BE), which was slightly higher than the revised estimates of 2.6 per cent of the GDP.
		The marginally higher revenue deficit was largely due to a shortfall in revenue receipts which could not be fully offset by savings in revenue expenditure, the release said.
	www.thehindu.com /2006/06/02/stories/2006060208901700.htm (361 words)

	Economic Survey of France 2005: Making the fiscal system sustainable and more efficient (Site not responding. Last check: 2007-10-21)
		The public sector deficit was reduced from 4.2% of GDP in 2003 to 3.6% of GDP in 2004 and the French authorities' objective is to bring it below 3% in 2005.
		The deficit may nevertheless remain over 3% of GDP this year and any reduction in 2006 is likely to be small.
		Without further measures, the deficit is likely to diverge from the government's latest stability programme which was itself not very ambitious in its target for the debt ratio, now around 65% of GDP and unlikely to fall rapidly in the near future.
	www.oecd.org /document/2/0,2340,en_2649_201185_34991938_1_1_1_1,00.html (1499 words)

	Fiscal deficit up 8 per cent in Q1 - Deccan Herald (Site not responding. Last check: 2007-10-21)
		Fiscal deficit up 8 per cent in Q1 According to the figures released by the Centre the expenditure has gone up by 17 per cent while the government borrowings have come down.
		The central government’s fiscal deficit has surged by almost 8 per cent to Rs 41,681 crore despite robust growth in tax collections in the first three months of 2004-05.
		The Centre is to reduce its fiscal gap to Rs 1,37,407 crore or 4.4 per cent of GDP this fiscal from Rs 1,53,637 crore (4.6 per cent of GDP) last fiscal.
	www.deccanherald.com /deccanherald/aug022004/b1.asp (457 words)

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