Budget Deficits: Causes, Effects and Some Remedial Options

One of 69 reports in the series: CRS Issue Briefs available on this site.

Description

In 1981 Congress enacted extensive changes in taxing and spending policies that supporters of these changes expected to generate sufficient revenues, despite a series of tax rate cuts, to balance the budget by FY84. After the onset of recession in early 1982, however, the Reagan Administration's projections showed widening budget deficits, which culminated in an actual FY83 deficit of $195.4 billion. Despite enactment of the Tax Equity and Fiscal Responsibility Act of 1982, and, more recently, the Deficit Reduction Act of 1984, large deficits are expected to persist, even under continued favorable economic conditions, unless Federal taxing and spending policies ... continued below

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21 pages.

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Grinnell, David & Cox, William A. July 15, 1985.

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  • Main Title: Budget Deficits: Causes, Effects and Some Remedial Options
  • Series Title: CRS Issue Briefs

Description

In 1981 Congress enacted extensive changes in taxing and spending policies that supporters of these changes expected to generate sufficient revenues, despite a series of tax rate cuts, to balance the budget by FY84. After the onset of recession in early 1982, however, the Reagan Administration's projections showed widening budget deficits, which culminated in an actual FY83 deficit of $195.4 billion. Despite enactment of the Tax Equity and Fiscal Responsibility Act of 1982, and, more recently, the Deficit Reduction Act of 1984, large deficits are expected to persist, even under continued favorable economic conditions, unless Federal taxing and spending policies are altered dramatically.

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21 pages.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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  • July 15, 1985

Added to The UNT Digital Library

  • Aug. 10, 2006, 2:54 p.m.

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  • Feb. 15, 2017, 9:05 p.m.

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Grinnell, David & Cox, William A. Budget Deficits: Causes, Effects and Some Remedial Options, report, July 15, 1985; Washington D.C.. (digital.library.unt.edu/ark:/67531/metacrs9054/: accessed May 28, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.