Four Observations about the Federal Budget

Douglas Elmendorf

Business Economics, 2011, vol. 46, issue 3, 139-143

Abstract: Four observations on the current and future federal budget are presented and discussed. These are (1) resumption of healthy economic growth will not be enough to close the gap between expenditures and revenues, (2) closing the gap will require significant changes in expenditures and/or revenues, (3) the pace of closing the gap involves difficult trade-offs, and (4) there is no shortage of feasible proposals for putting fiscal policy on a sustainable path.

Date: 2011
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