Budget Issues

OCG-93-1TR: Published: Dec 1, 1992. Publicly Released: Dec 1, 1992.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a congressional request, GAO summarized issues concerning the federal budget deficit problem and the factors involved in reducing the deficit.

GAO noted that: (1) the 1992 budget deficit totalled $290 billion or 4.9 percent of the gross national product; (2) the actual budget deficit totalled $386 billion, but was partially offset by $90 billion in trust fund surpluses; (3) the trust fund surplus is expected to decrease as the baby boom generation reaches retirement; (4) the 1992 deficit was held down by delaying funding for the savings and loan crisis and many unfunded costs resulting from future claims; (5) the deficit has grown because of the recession, inadequate cuts in domestic programs, and a combination of an accelerated defense buildup and a simultaneous reduction in taxes; and (6) solving the deficit problem will require a long-term fiscal policy path based on macroeconomic grounds, emphasizing the budget's investment portion, and examining the areas where the budget has had the largest increase.

Jul 21, 2016

Jun 23, 2016

May 12, 2016

Apr 14, 2016

Mar 4, 2016

Oct 30, 2015

Sep 9, 2015

Aug 17, 2015

Jul 9, 2015

Apr 27, 2015

Looking for more? Browse all our products here