Transition Series:

The Budget Deficit

OCG-89-1TR: Published: Nov 1, 1988. Publicly Released: Nov 1, 1988.

Additional Materials:

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GAO reviewed the budget deficit problem and provided an approach for reducing the deficit.

GAO found that the deficit problem is worse than it appears because: (1) the actual deficit is higher than the reported deficit; (2) numerous currently unfunded programs need to be funded; and (3) escalating costs in existing programs will require funding reductions and terminations. GAO also found that solving the deficit problem will require: (1) recognition that continuing budget deficits are a crisis; (2) the combined efforts of the executive and legislative branches; and (3) a multi-year budget strategy.

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