4. If the federal government were required by law to balance its budget, how would such a law impact our response to the current recession? (Minimum 50 words) See over for data that will help inform your analysis. The data presented here has been retrieved from the following federal government sources: The OMB (Office of Management and Budget) The CBO (Congressional Budget Office) The Federal Reserve of St. Louis Table |* YEAR Federal Federal Budget Federal Debt Receipts as Outlays as % Surplus or as % of GDP % of GDP of GDP Deficit as % of GDP 2000 20% 17.7% +2.3% 54% 2008 17.1% 20.2% -3.1% 74% 2016 17.6% 20.8% -3.2% 105% 2019 16.3% 21% 4.6% 107% (in 2020 this is now 136%) Table 2* YEAR Mandatory Defense Non-Defense Interest Expenditures Discretionary Discretionary Payments on as % of Expenditures Expenditures the Federal