Deficit
A budget deficit occurs when an entity, usually a government spends more money than it takes in. The opposite is a budget surplus. Budget deficits are important political issues. "Starve-the-beast" strategies usually lead to high budget deficits. Note that this is distinct from the larger national debt, which results from an accumulated deficit across a number of years.
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The United States
From 1970 to 1997, the United States Government ran significant deficits. By 1998, budget surpluses became common, lasting through 2001; the U.S. deficit for fiscal year 2003 was $374.2 billion.
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.
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
Related articles
- Office of Management and Budget
- Congressional Budget Office
- Starve-the-beast philosophy
