Falling Expenditures, Rising Receipts

Fiscal Slope Negotiations in the Context of Current Expenditures and Current Receipts by Menzie Chinn, Econbrowser The latter (receipts) are stabilizing at extremely low levels. To place matters in perspective, note that even before 2008, tax revenues were low by historical standards. That was due to tax reductions passed in 2001 and 2003 (EGTRRA and …