Читать книгу Northern Light: Lessons for America from Canada's Fiscal Fix - Robert P. Murphy - Страница 7

The federal budget deficit represents the amount by which outlays exceed receipts; it is how much the government must borrow in a given year to meet its spending commitments.

The federal debt held by the public escalated rapidly due to the large budget deficits since the onset of the recent financial crisis, hitting over two-thirds of GDP by the end of fiscal year (FY) 2011. Even if the currently planned, if unrealistic, budget and tax reforms are implemented, the CBO projects that the federal debt will rise to over three-quarters of GDP by 2014, before turning down. If Congress takes the easy path on these issues – as it has in the past – then the CBO projects the federal debt will exceed annual US GDP by the year 2024.