THE ISSUE OF STATE DEBT AND BUDGET DEFICIT AT THE FEDERAL AND REGIONAL LEVELS

The article considers the issue of acute deficit of the federal budget and regional budget of the Penza region under the conditions of economic crisis. The gap between budget revenue and expenditure is leading to the increase of public debt. In the article it is noted that domestic loans continue to prevail over external borrowings for covering the budget deficit. There is also the issue of refinancing debt which is growing worse.