Word: deficits
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...White House and the Congressional Budget Office will both release their financial budget estimates on Aug. 25 and there's good news and bad news. The good news is that the Obama Administration has scaled back its estimate of this year's budget deficit to an estimated $1.58 trillion (down from $1.84 trillion in May). The bad news is that this is by far the largest budget shortfall in U.S. history - nearly $900 billion more than last year's deficit - and it accounts for 11.2% of GDP, the largest percentage since 1945. It's more money than we have circulating...
...federal government's spending oscillated over the subsequent decades, running a surplus in the good years and a deficit in the bad ones, until the early 1980s. President Ronald Reagan's economic and foreign policies - tax cuts combined with substantial increases in Cold War-era defense spending - led to a string of deficits that averaged $206 billion a year between 1983 and 1992. The balanced-budget acts of 1990 and 1997 helped reverse this unprecedented level of peacetime spending, and in 1998 the U.S. recorded its first budget surplus in nearly 20 years...
...reshaping” the Faculty of Arts and Sciences (composed of Harvard College, the Graduate School of Arts and Sciences, the School of Engineering and Applied Sciences, and the Extension School) into a smaller, more efficient entity, and slashing FAS’s remaining $143 million deficit by the summer...
...this point, you’ve probably heard: Your soon-to-be alma mater is facing some, well, small financial difficulties. And by “difficulties,” I mean that the Faculty of Arts and Sciences is battling a mere $143 million budget deficit. True, we still have the largest endowment of any University in the world—by a long shot. But, in this time of crisis, Harvard needs to save some major dough. During its first round of cutbacks (which helped bring the deficit down from its original $220 million), the College unveiled...
Lost Book Replacement Fee: Clearly, Harvard is going to make up its entire $143 million deficit by harassing you for not returning that one, random copy of “Dwelling and Architecture: from Heidegger to Koolhaas...