Suppose You Have the Following Data on Projected and Actual

question 64

Essay

Suppose you have the following data on projected and actual figures for the U.S. budget for 2001 (in billions of dollars): $$\begin{array} { | c | c | c | } \hline & \text { Projected budget } & \text { Actual budget } \\\hline \text { Taxes } & 1,813 & 1,875 \\\hline \text { Expenditures } & 1,922 & 1,890 \\\hline\end{array}$$ (A) What was the prajected bucest deficit? What was the actual buceget deficit? Why thid this happen?
(B) If the gaverment debt was $\$ 3,530$ billion at the end af 2000, what was the debt at the end of 2001?
(C) If GDP was \$9,500 billion in 2001, what was the debt to GDP ratid? Haw does this compare to $1992 ^ { \prime } s$ debt to GDP ratio?

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