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- Title
Box A. Bush and Kerry -- The Fiscal Consequences.
- Abstract
This article focuses on the announcement by presidential candidates George W. Bush and John Kerry to halve the deficit during the next term. The US fiscal deficit is widely considered to be too large, and both presidential candidates have announced the intention to `halve the deficit during the next term'. The Congressional Budget Office suggests that plans already in place will reduce the deficit somewhat, but further consolidation is necessary to achieve this goal. The Kerry plan involves raising taxes, whilst the Bush plan would require the implementation of expenditure cuts. If the package that is announced is fully credible then the fall in real long-term interest rates will be brought forward, which would have an expansionary impact on the economy.
- Subjects
UNITED States; BUDGET deficits; UNITED States economic policy; DEFICIT financing; BUSH, George W. (George Walker), 1946-; KERRY, John, 1943-; ECONOMIC indicators; INTEREST rate risk
- Publication
National Institute Economic Review, 2004, Vol 190, p20
- ISSN
0027-9501
- Publication type
Article