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The Great Recession's Effect on the Federal Budget
The components of the federal budget changed significantly around the Great Recession. However, the federal budget itself hasn’t seen as dramatic of a change, according to a recent Economic Synopses essay. Senior Economist Fernando Martin first looked at four key variables of the federal budget: revenues, outlays, deficit and debt held by the public. All four were examined in terms of gross domestic product (GDP). He also discussed projections by the Congressional Budget Office (CBO) over the next 10 years. (For figures showing trends in each of these areas, see the Economic Synopses essay “U.S. Fiscal Policy: ... (full story)