Wonk

Think you're smart about deficits? Try this

Deficits. Taxes. Spending. Could you help Washington find a way out of the nation's fiscal pickle? Take the CNNMoney debt quiz.

By Jeanne Sahadi, senior writer

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6. How much has the federal government spent every year on average?
Not exactly

Answer: 21% of GDP. Today, however, federal outlays are closer to 25% due to the recession. But long after the economy recovers, the CBO expects federal spending could still be in the 24% range, well above the 19% of revenue the government will collect.

"The United States faces a fundamental disconnect between the services that people expect the government to provide, particularly in the form of benefits for older Americans, and the tax revenues that people are willing to send to the government to finance those services," CBO director Doug Elmendorf has noted.

Source: CBO

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