TAILIEUCHUNG - Lecture Economics - Chapter 23: Federal deficits and the national debt

In this chapter, you will learn to solve these economic puzzles: Are there any advantages to a national debt? Who owns the national debt? Are we passing the debt burden to our children? How does the national debt of the United States compare to other countries? | Chapter 23 Federal Deficits and the National Debt Key Concepts Summary Practice Quiz Internet Exercises * In this chapter, you will learn to solve these economic puzzles: Can Uncle Sam go bankrupt? How does the national debt of the United States compare to other countries? Are we passing the debt burden to our children? Who owns the national debt? Are there any advantages to a national debt? * What is the purpose of this chapter? To take a closer look at the actual budgetary process that creates and finances our national debt * What are the four stages of the Budget Process? Agency budget proposals Presidential budget submission First budget resolution Second budget resolution * What is the Federal Fiscal Year? October 1 through September 30 * What is the Federal Deficit? How much money the government borrows in any given fiscal year * What is the National Debt? The total amount owed by the federal government to owners of government securities * How does the . Treasury borrow money? By selling Treasury bills, notes, and bonds, promising to make specified interest payments and to repay the loaned funds on a given date * 60 $200 Year Federal Expenditures and Tax Revenues Billions of dollars $400 $1,600 $600 $800 $1,000 $1,200 $1,400 65 70 75 80 85 90 95 Expenditures Revenues 00 * 17 Year Percentage of GDP 18 24 19 20 21 22 23 1985 1990 1995 2000 Federal Expenditures, Revenues, and Deficits as a Percentage of GDP Federal Deficit * 65 $-350 $-300 0 $-250 $-200 $-150 $-100 $-50 70 75 80 85 90 Deficit 95 Federal Budget Surpluses and Deficits Billions of dollars 60 Surplus $+50 00 * What has been done to curb the National Debt? The Clinton plan Line-item veto Debt ceiling * What was the keystone of the 1993 Clinton Deficit Reduction Plan for Taxes? Raised the highest marginal tax rate from 31% to 36% Increased tax on gasoline by cents per gallon * What was the keystone of the 1993 Clinton Deficit Reduction Plan .

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