The result is a budget deficit equivalent to more than 5 of GDP.

The total government budget deficit stopped at 1.7 of GDP.

Although the housing boom in the United States which helped in this regard ended in 2006, consumer debt continues to grow, and America s Federal Reserve has been doing everything it can to encourage this.

Credit can also temporarily fill consumer budget gaps.

The result was a huge budget deficit by the middle of the 1980's.

So massive budget deficits seem here to stay. If domestic spending simply stays constant as a fraction of national income, the cumulative budget outcome for the next ten years will be a combined deficit of 1.5 trillion.

So massive budget deficits seem here to stay.

Now, the country once again has a budget deficit and a high level of unemployment.

The fiscal deficit in the United States this year is likely to exceed 10 of GDP.

Some national deficits may rise to twice the Pact's limit.

Twin current account and fiscal deficits (and or currency and debt maturity mismatches) were the rule.

As a result, some of the poorest countries in the world are financing part of the French budget deficit.

Large budget deficits support growth, but inflation evidently is not a problem.

Meanwhile, financial markets fret about the country s budget deficit and talk of a serious crisis.

The 230 billion surplus inherited from Clinton had turned into a 450 billion deficit.

In contrast to budget surpluses as far as the eye could see, the US now has large budget deficits that will linger for many years to come. War with Iraq would likely cause those budget deficits to soar.

War with Iraq would likely cause those budget deficits to soar.

If foreign debt matters more than public debt, the key variable requiring adjustment is the external deficit, not the fiscal deficit. A country that has a balanced current account does not need any additional foreign capital.

If foreign debt matters more than public debt, the key variable requiring adjustment is the external deficit, not the fiscal deficit.

In Hungary the budget deficit is widening again, after narrowing to 4 of GDP in 2001.

Germany will look like a better credit risk, thereby allowing it to fund its current budget deficits more easily and cheaply.

Instead, for four years they pretended that budget deficits were of little concern.

By running a deficit, a country increases its national debt and imposes burdens on future generations.

A large fiscal deficit increases the need for foreign funds to avoid crowding out private investment.

Incredibly, Japan was told to run huge budget deficits (reducing government saving) to boost domestic demand.

A top priority should be to preserve and expand its cost cutting provisions.

Although President Obama has now delayed for some months when Treasury Secretary Timothy Geithner must issue his report, the very concept of currency manipulation itself is flawed all governments take actions that directly or indirectly affect the exchange rate.

Reckless budget deficits can lead to a weak currency so can low interest rates.

One priority is to reduce global payments imbalances. The US must move to reduce its budget deficit in the medium term.

In contrast to monetary policy, the US president does have a powerful and direct impact on future fiscal deficits.

Moreover, fiscal deficits and inflation squeeze out investment and limit productivity gains.

After all, its GDP fell much less, although it ran similarly large current account deficits before the crisis and ran much larger fiscal deficits for longer.

That is true of both monetary and fiscal policy the two mainstays of modern countercyclical stabilization.

In the Czech Republic last year, the budget deficit jumped to 13 of GDP, a threefold increase since 1999.

Japan's public deficits spawned a national debt of 140 of annual GDP, without producing any economic resurgence. Indeed, today's budget deficits reflect long term problems that are not what Keynesian theory envisions.

The US should cut its budget deficit, increase its saving rate, and generally get its own house in order.

Policy interest rates are close to zero in the major economies in the developed world, and outsize budget deficits are the norm.

Japan's public deficits spawned a national debt of 140 of annual GDP, without producing any economic resurgence.

The Greek Budget Myth

In France, the new center left government faces the challenge of delivering on its promise of strengthening social solidarity while substantially reducing the budget deficit.

Whether India needs more institutions to control deficits and monitor the quality of its budgets is a question worthy of discussion.

The fiscal deficit was equivalent to 3 of GDP in 2009, which generated 3 GDP growth, while the deficit in 2008 was literally zero.

France has unilaterally chosen to ignore the Stability and Growth Pact by running a predicted deficit well above the 3 of GDP limit.

NEW YORK Today s swollen fiscal deficits and public debt are fueling concerns about sovereign risk in many advanced economies.

This is not sustainable eventually, transfer payments will have to be reduced and taxes raised to reduce the fiscal deficit.