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Deficits, Debts and Growth: A Reprieve but not a Pardon

Anwar Shaikh (), Dimitri Papadimitriou, Claudio H. dos Santos and Gennaro Zezza

Economics Strategic Analysis Archive from Levy Economics Institute

Abstract: These are fast moving times. Two years ago, the U.S. Congressional Budget Office (CBO, 2001) projected a federal budget surplus of $172 billion for fiscal year 2003. One year ago, the projected figure had changed to a deficit of $145 billion (CBO 2002). The actual figure, near the end of fiscal year 2003, turned out to be a deficit of about $390 billion. And just one month ago, President Bush submitted a request to Congress for an additional $87 billion appropriation for war expenditures, over and above the $166 billion tallied so far. It is widely anticipated that even this will have to be revised upward by the end of the coming year (Stevenson 2003; Firestone 2003).

Date: 2003-10
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