1 “...The recent sharp increase in fiscal deficits and government debt in many countries raises questions...”

2 Subjects: “...National Deficit Surplus...”

3 “... that other policy interventions, such as improving governance, reducing excessive budget deficits, and taming...”

4 “... also have a bearing on the nexus between fiscal deficits and growth...”

5 “... fiscal failures, the size of the deficit, the composition of spending, and level of total revenues...”

6 “... remains sustainable and the fiscal deficit does not worsen...”

7 “... when deficit reduction needs are large independent of initial tax ratios...”