In 2019, an article in the Wall Street Journal quoted the director of the Congressional Budget Office as stating: “The prospect of such large [federal budget] deficits over many years, and the high and rising debt that would result, poses substantial risks for the nation and presents policy makers with significant challenges.” 

a. Do the causes of federal budget deficits in the long run sometimes differ from the causes in the short run? Briefly explain. 

b. What substantial risks to the nation was the director of the CBO referring to? 

c. What challenges do long-run budget deficits present to policymakers?