1、 https:/crsreports.congress.gov December 4, 2018Debt and Deficits: Spending, Revenue, and Economic GrowthThe Constitution provides Congress with the authority to manage the federal budget through its “power of the purse.” This In Focus summarizes federal budget and borrowing outcomes and trends for
2、federal spending and revenues. The Federal Budget Deficit The federal government incurs a budget deficit when total spending exceeds revenues over the course of a fiscal year. A budget surplus occurs when revenues exceed outlays. Budget outcomes are dependent on general economic conditions. Net defi
3、cits tend to decline in periods of high economic growth due to both increased revenues (through a rise in earnings and subsequent tax payments) and reduced outlays (through a decline in demand for unemployment benefits and other programs). Conversely, deficits tend to increase in periods with lower
4、economic growth. The federal budget has not produced a surplus since FY2001. Reduced revenues and increased spending led to deficits in ensuing years, and the Great Recession and federal response produced deficits in FY2008-FY2010 (averaging 9.0% of gross domestic product GDP), which were the larges
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