Under current law, CBO estimates the deficit will total $486 billion in 2015, about the same as in 2014. However, because the nation’s output has increased, the projected deficit for 2015 represents a slightly lower percentage of GDP—2.7 percent. If current laws generally remain unchanged,...

CBO has analyzed the effects on the economy stemming from a set of paths for federal revenues and noninterest spending specified by Chairman Tom Price of the House Budget Committee and how those macroeconomic effects in turn would affect the federal budget.

In this paper, we present a disaggregated framework for the analysis of past and projected structural developments in the most relevant revenue and expenditure categories and the fiscal balance. The framework, in particular, distinguishes between the effects of discretionary fiscal policy and of...

As the global crisis hit developing Asia, several countries instituted fiscal stimulus measures to create domestic demand. With the region returning to normal times, in this paper we draw lessons using historical data from 10 developing Asian countries to examine if countercyclical fiscal policy...

Relatively little empirical evidence exists about countries’ external adjustment to changes in fiscal policy and, in particular, to changes in taxes. This paper addresses this question by measuring the effects of tax and government spending shocks on the current account and the real exchange...

The North American Free Trade Agreement (NAFTA) once again became a newsworthy topic in the US media, this time during the contested Spring 2008 Democratic primary for the US presidency, particularly from campaign talking-points originating within Midwestern Rust-Belt states. Although the merits...

The President's proposals would, relative to CBO's current-law baseline, boost deficits from 2014 through 2016 but reduce them from 2017 through 2024, CBO and JCT estimate. Deficits would total $6.6 trillion between 2015 and 2024, $1.0 trillion less than the cumulative deficit in CBO's baseline....

Birleşik Krallık'ta Mayıs 2010 genel seçimleri ile iktidara gelen koalisyon hükümetinin ilk icraatı mali krizi aşabilmek için kamu harcamalarında önemli oranda kesintiye gideceğini açıklamak oldu. Zira, Birleşik Krallık, bir taraftan hızla artmakta olan kamu borçları ile...

This paper presents a comprehensive framework examining fiscal sustainabil- ity in developing economies. It integrates public capital, labor informality, and global liquidity shocks in a two-sector DSGE model for a small open economy, revealing their intricate interplay and nonlinear impact on...

The 2016 edition of the C.D. Howe Institute's annual Shadow Federal Budget puts a sustainable financial position and fiscal path at the centre of its plans. Confidence that the country will successfully navigate an environment of slower global growth and population aging is an essential backdrop...