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Encyclopedia > Budget deficits

A budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite is a budget surplus. An entity is something that has a distinct, separate existence, though it need not be a material existence. ... Money is any marketable good or token used by a society as a store of value, a medium of exchange, or a unit of account. ...


This entry only concerns the government's deficits. These are important political issues. "Starve-the-beast" strategies usually lead to high budget deficits. Others, fiscal conservatives denounce deficit spending and advocate balanced budgets. Keynesians argue that under some circumstances, deficit spending is justified. Politics is the process and method of making decisions for groups. ... Starve-the-beast is a strategy of encouraging public budget deficits in order to force the government to reduce its spending. ... Conservatism is any of several historically-related political philosophies or political ideologies. ... Like other institutions, governments operate on a budget -- or try to do so. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... Like other institutions, governments operate on a budget -- or try to do so. ...


Note that the deficit is distinct from the government's debt (often confusingly called the national debt or public debt), which results from an accumulated deficit across a number of years. Often, a certain part of spending is dedicated to paying of debt with certain maturity, which can be refinanced by issuing new bonds. That is, a fiscal deficit leads to an increase in an entity's debt to others. Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ... Dutch East India Company bond, issued in 1623. ... 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. ...

Contents


The United States

Historically, the United States government has tended to spend more than it takes in, with national debt that was close to $1,000,000,000 at the beginning of the 20th century. The budget for most of the 20th century followed a pattern of deficits during wartime and economic crises, and surpluses during periods of peacetime economic expansion. This pattern broke from fiscal years 1970 to 1997; although the country was nominally at peace during most of this time, the federal budget deficit accelerated, topping out (in absolute terms) at $290 billion for 1992. In 1998 - 2001, however, gross revenues exceeded expenditures. Subsequently the budget has returned to a deficit basis; the estimated U.S. deficit for fiscal year 2004 is $412.6 billion. 1970 was a common year starting on Thursday. ... 1997 is a common year starting on Wednesday of the Gregorian calendar. ... 1992 is a leap year starting on Wednesday of the Gregorian calendar. ... 1998 is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... 2001 is a common year starting on Monday of the Gregorian calendar. ... The United States dollar, or American dollar, is the official currency of the United States. ...


An issue about counting so-called "off-budget" items such as Social Security, which are presently running a large surplus, complicates discussion of budget deficits, as do the inevitable attempts by the party in power to downplay the deficit, while the other party exaggerates it. Nonetheless, the Social Security Administration does not see a large surplus -- while it is an example of an "off-budget" item, its own financial woes are generally recognized by experts on both sides of the aisle. United States Social Security Card Social Security is a social insurance program administered by the Social Security Administration under the authority of the United States federal government. ...


Related U.S. legislation

  • 1984 - Deficit Reduction Act PL 98-369
  • 1985 - Gramm-Rudman-Hollings Anti-Deficit Act PL 99-177
  • 1987 - Omnibus Reconciliation Act PL100-203 PL 100-202
  • 1990 - Omnibus Reconciliation Act PL 101-508
  • 1993 - Omnibus Budget Reconciliation Act PL 103-66
  • 1997 - Omnibus Reconciliation Act PL 105-33

1984 is a leap year starting on Sunday of the Gregorian calendar. ... The Deficit Reduction Act was passed by the US Congress in 1993 under the Clinton adminstration. ... 1985 is a common year starting on Tuesday of the Gregorian calendar. ... The Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985, and the Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987 (both often known as Graham-Rudman) were, according to U.S. Senator Phil Gramm of Texas, the first binding constraint imposed on... 1987 is a common year starting on Thursday of the Gregorian calendar. ... 1990 is a common year starting on Monday of the Gregorian calendar. ... 1993 is a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ... 1997 is a common year starting on Wednesday of the Gregorian calendar. ...

Related articles

The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States which is tasked with coordinating United States Federal agencies. ... The Congressional Budget Office is a federal agency within the legislative branch of the United States government. ... Starve-the-beast is a strategy of encouraging public budget deficits in order to force the government to reduce its spending. ...

External links

  • U.S. Congressional Budget Office
  • Take a Look at the Economy and Ballooning Budget Deficits

  Results from FactBites:
 
Deficit - Wikipedia, the free encyclopedia (572 words)
The size of a governmental budget deficit is often an important political issue as well as one of economic policy.
The budget for most of the 20th century followed a pattern of deficits during wartime and economic crises, and surpluses during periods of peacetime economic expansion.
Subsequently the budget has returned to a deficit basis; the estimated U.S. deficit for fiscal year 2005 was $319 billion.
AllRefer.com - budget : The U.S. Budget Deficit (Economics: Terms And Concepts) - Encyclopedia (400 words)
Budget reforms passed in 1974 mandated congressional budget resolutions to serve as alternatives to the president's proposed budget, and budget impasses became common.
The 1985 Gramm-Rudman-Hollings Act tried to control America's escalating deficits by giving the U.S. comptroller general the right to order spending cuts if the president and Congress did not reduce the deficit, but the bill was ultimately declared unconstitutional.
A balanced budget was maintained through late 2001, but tax cuts, the cost of President Bush's "war on terrorism," increased defense and other spending, and the effects of an economic recession produced a deficit again beginning with the 2002 budget.
  More results at FactBites »

 
 

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