The Federal Budget
National debt doubled from about 35% of gross domestic product in 1980 to more than 70% in 1995. Although the Congressional Budget Office (CBO) predicts the 1995 federal deficit will come in at only 2.3% of GDP - the lowest since 1979 - CBO projections based on current policy show that it will rise to 4.0% of GDP by 2005.
Suggested citation: “The Federal Budget,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-01, pp. 14, 01.01.1996.