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U.S. Racks Up Smallest Deficit Since 2007
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U.S. budget deficit reached 10% of GDP with the 2008-2009 recession and the need for federal spending when tax revenues dropped. Partisan budget fights took place in Congress in 2010 and 2011, with a downgrade of the U.S. credit rating in 2011. By December 2014 the budget deficit declined to $488 billion for calendar year 2014, or $483 billion for fiscal year, as the unemployment situation improved. The deficit in 2014 was a liitle below 3% of GDP.
U.S. calendar year budget deficit of $488 billion for 2014 brings deficit below 3% of GDP
01/14/2015
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U.S. Racks Up Smallest Deficit Since 2007
Wall Street Journal 01/14/2015
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The Balanced Budget Amendment in the U.S. Congress in August 2011
07/14/2011
Critics say the balanced budget amendment would prevent the use of countercyclical policies in a downturn like the present one facing the U.S. economy. Because of the tendency of politicians to avoid difficult decisions and "kick the can down the road," it serves to focus attention on making the cuts in spending, including tax expenditures, that can help reduce the deficit to sustainable levels.
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Why a balanced-budget amendment is too risky - The Washington Post
Washington Post 07/19/2011
Wall Street Journal 07/19/2011
For Republican Freshmen, the Power of No
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The U.S. Congressional Budget Office (CBO) and estimates of the U.S. Budget Deficit
01/26/2011
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CBO Sees Deficit Narrowing to $642 Billion
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Budget Deficit Returns to Prerecession Levels
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U.S. Racks Up Smallest Deficit Since 2007
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The U.S. economy and difficult choices in 2012-2013 as seen in Congressional Budget Office (CBO) projections
01/16/2009
The U.S. faces difficult choices in 2012-2013- efforts to close the deficit by letting the Bush tax cuts and payroll tax cuts expire and making spending reductions will lead to low growth. Not doing this will lead to growth with much higher deficits and unsustainable debt levels.
Grouped Articles
Four Deficit Myths and a Frightening Fact
Wall Street Journal 01/19/2012
CBO | The Budget and Economic Outlook: 2014 to 2024
Unknown 02/05/2014
Budget Deficit Returns to Prerecession Levels
Wall Street Journal 10/16/2014
U.S. Racks Up Smallest Deficit Since 2007
Wall Street Journal 01/14/2015
U.S. Annual Budget Deficit Smallest in Nearly Seven Years
Wall Street Journal 06/11/2015
Deficit Is Again Set to Top $1 Trillion
Wall Street Journal 02/01/2012
Congressional Budget Office (CBO) 10 year projections on the U.S. economy in Jan. 2014
02/05/2014
Growth in GDP expected at 3% for 2014-2017, with low inflation at 2%, budget deficit at 3% increasing to 4% in years after 2015, and government debt to GDP increasing from 74% in 2014 to 79% by 2024. A liitle over $1 trillion in additional debt will be added by 2024 as a result of an aging population, lower number of people working, lower growth rates after 2015, and the increasing cost of health care.
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Good News and Bad in CBO Deficit Projections
Wall Street Journal 02/05/2014
Sluggish Economic Recovery Proves Resilient
Wall Street Journal 04/21/2014
U.S. Economic Recovery Looks Distant as Growth Stalls
New York Times 06/11/2014
Budget Deficit Returns to Prerecession Levels
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U.S. Racks Up Smallest Deficit Since 2007
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U.S. President Obama's Deficit Reduction Plan in April, 2011.
04/13/2011
The budget deficit reduction plan proposed by President Obama in an address at George Washington University on April 14, 2011.
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Budget Shell Games Are Contrary to Law
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Bob Woodward: The inside story of how Obama and Boehner negotiate - The Washington Post
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U.S. Racks Up Smallest Deficit Since 2007
Wall Street Journal 01/14/2015
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U.S. president Obama's 2015 Budget
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U.S. Racks Up Smallest Deficit Since 2007
Wall Street Journal 01/14/2015
Senate approves two-year bipartisan budget agreement - The Washington Post
Washington Post 10/30/2015
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