Tax Topics: Fiscal Crisis
The 2009 federal deficit totaled $1.4 trillion, nearly 10 percent of GDP, the highest since World War II. The Congressional Budget Office projects that the deficit will decline over the next five years before turning upward. Continuing deficits will boost the national debt from about 60 percent of GDP today to more than 90 percent of GDP at the end of the decade. Addressing that fiscal crisis must rank high on the nation’s list of priorities.

Overview

Déjà Vu All Over Again: On the Dismal Prospects for the Federal Budget, Alan Auerbach and Bill Gale

The U.S. Budget and Options for Fiscal Policy (slide show) Bill Gale

The U.S. Is Broke. Here's Why Gene Steuerle 

Fiscal Days of Reckoning (conference presentation) Gene Steuerle

Countdown to Catastrophe Len Burman 

Fiscal Responsibility and Reform: testimony before the National Commission on Fiscal Responsibility and Reform
Rudy Penner 
Robert Reischauer

Train Wreck: A Conference on America's Long-term Fiscal Crisis 

TaxVox articles

Budget Process Reform: Stop Me Before I Spend Again

How the Budget Baseline Favors Spending

The Budget Summit: A Missed Opportunity

More Dismal Prospects for the Federal Budget: It’s All Greek to Me

Solving the Problem with Taxes

Desperately Seeking Revenue, Rosanne Altshuler, Katherine Lim, and Roberton Williams

Effects of Imposing a Value-Added Tax To Replace Payroll Taxes or Corporate Taxes, Joseph Rosenberg and Eric Toder