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Federal Reserve Bank of Cleveland
Economic Commentary
Reducing the federal deficit: approaches in some other countries
Daniel Carroll
John Lindner
Abstract

The United States is not the first advanced modern economy to face a serious federal budget challenge. A number of countries have seen their debt rise to unacceptable levels in recent decades, and they have taken steps to rein it in. We explore the approaches that Canada and the United Kingdom have used. Though there are important differences in approaches and countries, we draw five useful lessons for the reforms that may be proposed in the U.S. as it addresses its fiscal challenges.


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Daniel Carroll & John Lindner, "Reducing the federal deficit: approaches in some other countries" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Oct, 2011.
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Keywords: Debts Public - Canada; Deficit financing; Debt-United States; Debts Public - United Kingdom
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