United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Accounting and Information Management Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1996-03-13 monographic deposited born digital 15 p. GA 1.13:T-AIMD-96-66 https://www.govinfo.gov/app/details/GAOREPORTS-T-AIMD-96-66 P0b002ee1803a30e4 f:ai96066t DGPO 2010-08-12 2011-03-24 GAOREPORTS-T-AIMD-96-66 machine generated eng fdlp REPORT GAOREPORTS-T-AIMD-96-66 T-AIMD-96-66 Balanced budgets Budget deficit Deficit reduction Fiscal policies Budget cuts Economic growth Macroeconomic analysis Econometric modeling Foreign governments Gross National Product Testimony AIMD GAO discussed its work on the budget deficit and long-term economic growth. GAO noted that: (1) its long-term simulations show that unless the budget deficit is reduced or eliminated, economic growth, personal incomes, national investment, and the standard of living will be sharply reduced; (2) the nation's present fiscal policy is unsustainable in the long term; (3) reaching and sustaining a balanced budget would reduce federal spending on interest, a fast-growing segment of federal spending; (4) reductions in spending on fast-growing health, social security, and interest costs would be most beneficial and would have the most sustained effects; and (5) foreign governments' deficit reduction efforts have been painful but have provided significant fiscal benefits. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-AIMD-96-66/html/GAOREPORTS-T-AIMD-96-66.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-T-AIMD-96-66/pdf/GAOREPORTS-T-AIMD-96-66.pdf GAO/T-AIMD-96-66 https://www.govinfo.gov/app/details/GAOREPORTS-T-AIMD-96-66 Testimony GAO/T-AIMD-96-66; Budget Issues: Deficit Reduction and the Long Term; Balanced budgets Budget deficit Deficit reduction Fiscal policies Budget cuts Economic growth Macroeconomic analysis Econometric modeling Foreign governments Gross National Product