National Deficit and Debt: Where to Next?
The National Debt has increased an average of $1.64 billion per day since September, 2004. This is obviously not a harmless archival statistic that does not concern US citizens. In fact, it has paramount consequence for the entire world, considering the United States position as a world leader. The following chapters offer a basis for the complex questions, arguments and concerns that are raised by the national deficit issue.
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108th Congress 1974 Congressional Budget additional agencies aggregate demand allocations amount Appropriations Committees billion budget authority Budget Committees budget deficit budget policies budget resolution budget surpluses budgetary changes Congress Congressional Budget Act Congressional Budget Office congressional budget process consumption CRS Report debt held debt limit direct spending programs discretionary spending limits dollar domestic economic growth economists effect enacted estimates federal budget federal debt federal government Federal Reserve finance fiscal policy gross domestic product growth rate House and Senate income increase inflation interest payment interest rates internally held debt investment Line Item Veto national debt offset outlays PAYGO process PAYGO requirement points of order President President's budget private capital stock private sector procedures public debt publicly held debt receipts reconciliation instructions reconciliation legislation reduce rescission revenue and spending revenue legislation rise sequestration Social Security surplus Treasury securities trust funds