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Research report

Once More Unto the Breach

The Deteriorating Fiscal Outlook

William G. Gale, Alan J. Auerbach
February 24, 2016
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Abstract

After worsening sharply during the Great Recession, the long-term fiscal outlook generally improved through 2015, due to a combination of legislative acts and lower projected growth of health care spending. The same factors and the slow but steady economic recovery helped reduce short-term deficits over that period, as well. Over the past year, though, the medium- and long-term fiscal outlooks have deteriorated. Part of this is due to legislative changes, part to changes in economic and technical factors, and a small part to changes in assumptions. This deterioration has happened without much fanfare and, even with a fall in projected interest rates working in the other direction, the estimated changes are large. 

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Federal Budget and Economy Economic effects of tax policy
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  • William G. Gale
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Research report

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