Number: R40088
Title: The Federal Budget: Current and Upcoming Issues
Authors: Mindy R. Levit, Analyst in Public Finance; D. Andrew Austin, Analyst in Economic Policy 
Abstract: The current budget situation is challenging. At the end of fiscal year (FY) 2008, the government was facing growing deficits, rising costs of entitlement programs, and significant spending on overseas military operations. The enactment of financial intervention and fiscal stimulus legislation designed to alleviate a credit crunch and to bolster the economy will push up the deficit, shifting fiscal burdens into the future. In addition, much of the government is operating under a continuing resolution for the first half of FY2009, and work to complete funding for FY2009 as well as developing the budget for FY2010 will be required of the incoming administration.
Pages: 19
Date: January 7, 2009