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Economic Commentary

Federal Budget Deficits: Sources and Forecasts

Despite a two-year deficit reduction plan, government projections for the five-year federal budget outlook still show large deficits. Additional legislative actions will be necessary if federal budget deficits are to be reduced sufficiently to meet annual deficit targets.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Erceg, John, and Theodore G. Bernard. 1988. “Federal Budget Deficits: Sources and Forecasts.” Federal Reserve Bank of Cleveland, Economic Commentary 3/15/1988.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International