The federal budget deficit in 2014 was $485 billion. The CBO noted that "the changes in revenues and outlays that are attributable to cyclical changes in the economy are known as automatic stabilizers." The CBO estimated that the value of automatic stabilizers in 2014 was

$168

billion.

Source: Congressional Budget Office, "The Budget and Economic Outlook: 2019 to 2029," January 2019, pp.

131133.

Part 2

a. What would the value of the federal budget deficit have been in 2014 if there had been no automatic stabilizers?

If there were no automatic stabilizers, the value of the federal budget deficit in 2014 would have been

$enter your response here

billion. (Enter your response as a whole number.)