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Publication Date: March 2009
Publisher: National Center for Policy Analysis (U.S.)
Author(s): Pamela Villarreal; D. Sean Shurtleff
Research Area: Banking and finance; Economics
Keywords: Social security; revenue; debt; federal
Type: Brief
Coverage: United States
Abstract:
To counteract the recession that began in December 2007, Congress has passed foreclosure assistance, tax rebates, bank bailouts and $787 billion of stimulus. This spending will result in massive federal budget deficits and increasing government debt - projected to rise to $23 trillion by 2019. This amount of debt will hurt economic growth and burden future generations.