Journal Article

The fiscal cliff in context


Abstract: Federal revenue is currently well below its postwar, pre-crisis average, while expenditure is well above, with both factors contributing to a large and persistent deficit. Under current law, the deficit situation would be quickly, if painfully, resolved, with the lion?s share resulting from increased tax revenue.

Keywords: Fiscal policy - United States; Budget - United States;

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Provider: Federal Reserve Bank of St. Louis

Part of Series: Economic Synopses

Publication Date: 2012

Order Number: 34