This Q&A on the federal deficit is a preview of the "Dialogue with the Fed" that the public is invited to Oct. 18 at the St. Louis Fed.

Although this deficit has been rising steadily since the early 1990s, a "hard landing" for the U.S. economy is unlikely. One reason is that only in the United States can so many foreigners invest so much money and get such good returns.

With government deficits and debt at record highs, the long-term fiscal outlook for the U.S. requires serious attention, most agree. The fix is most likely going to have to start with fundamental reforms of entitlement programs.