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Is the accumulated total of all previous federal budget deficits?
national debt
What periods in recent history has the US run budget deficits and budget surpluses?
What periods in recent history has the US run budget deficits and budget surpluses?
Why are budget deficits and trade deficits sometimes called the twin deficits?
Twin deficits or double deficits is a summary of the two related economic problems, the budget deficit and the international trade deficit. The budget government deficit is the difference between government revenue and it's spending. Both deficits occur when someone is spending more than they earn.
What law was created to force presidents and Congress to work together to reduce federal budget deficits?
Gramm-Rudman-Hollings Act
What are the consequences of large budget deficits?
Large budget deficits can lead to future problems with other countries that result because we are in debt to them.
What did not contribute to the federal budget surplus in the 1990s?
a decrease in government spending
The large federal deficits of the Reagan years were due mainly to?
increases in the defense budget and steady spending on social welfare and entitlement programs.
What did the Balanced Budget Act of 1997 accomplish?
The Balanced Budget Act of 1997 aimed to reduce federal spending and balance the federal budget by 2002. It included provisions for Medicare and Medicaid reforms, as well as changes to various healthcare programs. The Act was intended to address growing budget deficits and promote fiscal responsibility.
When are deficits necessary?
deficits are shortages that are caused by unwise spending. When one incurs deficit, he/she needs to borrow money to pay for the needs that are provided for in his/her budget. Unplanned purchases not included in the budget brings about deficits. It is poor management of one's resources.
Why did John Maynard Keynes argue for the concept of deficit spending?
what did john maynard Keynes support the idea of pump priming despite increased federal budget deficits
What did John maynard keynes support the idea of pump priming despite increased federal budget deficits?
He believed deficit spending would stimulate the economy and create jobs .
WHAT IS The sum of all budget deficits and surpluses is known as?
fiscal year
