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This chapter explores the complexities of defining and measuring the budget deficit. It starts by examining the naive understanding of deficit as the difference between spending and revenue, and then contrasts it with the Congressional Budget Office's approach, which involves comparing two hypothetical future scenarios: one with the proposed bill passed and one without.
- Naive understanding of budget deficit: difference between spending and revenue
- CBO's approach: comparing two hypothetical future scenarios (with and without the bill)
- The challenge of defining "goes up" in the context of deficit
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