…law, its receipts, budget authority, outlays, and surplus or deficit are separated from all other (on-budget) receipts, budget authority, outlays, and surplus or deficit. The budget reflects the legal distinction…

…that roughly personal savings financed the housing sector and business savings financed nonresidential fixed investments. Each ran a small surplus that financed the federal deficit and left a small surplus…

…contentious constitutional reform. (IHS Global Insight, subscription required, forecasts Turkey’s current account deficit to be 3.3% of GDP in 2010 and the fiscal deficit to be 5.1% of GDP). Constitutional…

…comparing OMB’s estimate of the deficit over the next ten years under the President’s proposed policies ($9.1 trillion) to CBO’s “baseline” estimate of the deficit under current law ($7.1 trillion),…

…from Japan to Germany, widening the deficit further…. The size of our trade deficit is the size of the leak of demand from the American economy. The Obama administration is…

…smaller than the 1.95 percent deficit projected in last year’s report. This deficit indicates that financial adequacy of the program for the next 75 years could be restored if increases…

…in 2008, reality returned a cash deficit of $8 billion. Where the Trustees showed a cash deficit of $4.6 billion for 2009, CBO now projects $20 billion. And where the…

…baseline… These adjustments are detailed in the appendix table. Cumulatively, they point to deficits of $10.2 trillion over the next 10 years… CBO estimates that the cumulative deficit from 2010…

…fund balance is normally called the ‘Social Security surplus’ and is scored as such when calculating the Unified Budget deficit or surplus. But in point of fact Social Security does…

…fiscal policy to keep the unemployment rate exactly at the NAIRU. Since writing the post, Krugman has been wondering why Obama is so much less ambitious. I try to explain…