The Budget Deficit
OCG-89-1TR: Published: Nov 1, 1988. Publicly Released: Nov 1, 1988.
- Full Report:
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.