Abstract
Enormous budget deficits in the American government have been persistent despite continuing economic expansion. The nation is now facing a so called structural budget deficit –hat persists despite the business cycle of the economy. This article sets forth a definition of structural budget deficits, traces the trends of cyclical and structural deficits, analyzes the patterns of revenues and public expenditures, and discusses the implication of deficits in light of federal financial liabilities and obligations.
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