Budget deficits rule throughout the federal, state, and local governments. The United States Virgin Islands is no exception to the deficit dilemma and is facing cash shortfalls this fiscal year and the next.
The national and public debt continues to spiral out of control as the indebtedness from previous years remains unpaid.
Will this national debt become an albatross for the United States as it continues to borrow from foreigners to satisfy its huge appetite for funds?
How will this debt crisis be resolved?
- First task is to examine why budget deficits are prevalent throughout the national, state, and local governments and suggest remedies to cure these deficits and how government will prevent them in the future.
- Second task is to analyze and determine how to solve the national debt crisis. In addition, your research should examine whether the United States Virgin Islands has a public debt and how it is being financed.
- Third task is to determine whether there any similarities between a budget deficit, structural deficit, and the national debt.
- Finally, explain if the adoption of a performance based budget system will assist in-curing budget deficit on the federal, state, and local governments. Will the performance based budgeting approach to budgeting in any way streamline government operations and solve the current fiscal crisis in the Virgin Islands?
Number of pages: 6 (Double Spaced)
Number of sources: 3
Order type: Essay
Academic level: Master
Preferred language style: English (U.S.)