What do budget deficits look like in the new Biden budget proposal? They look big. And permanent. While we would expect Biden's budget to look very different from Trump, the deficits proposed are much larger than even Obama proposed, and are well above historical norms.
Deficits Are Here to Stay
Last week President Biden released his Fiscal Year 2023 budget proposal. The annual release of the budget proposal is always exciting for economists that study public finance. The president’s…
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