Back to the Future: Prospective Deficits through the Prism of the Past
Approaching the halfway mark of fiscal year (FY) 1994, the Clinton administration’s first major piece of budget legislation — the Omnibus Budget Reconciliation Act of 1993 (OBRA93) — appears to be a smashing success. According to the Congressional Budget Office’s (CBO) January estimate, this fiscal year’s federal deficit will be some $64 billion less than forecasted before the legislation was passed.
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. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.