The progressive reduction in the deficit is ascribable to the underestimation of expenditure inherent in the current legislation criterion, which does not take into account disbursements which, even if foreseeable or necessary, require the formal passage of legislation (outlays for the renewal of public employment contracts, for service contracts and for the execution of public works).
12  Janet L. Yellen served as a member of the Board of Governors from August 12, 1994, to February 17, 1997; President and CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010; Vice Chair of the Board of Governors from October 4, 2010, to February 3, 2014; and Chair and Executive Officer of the Board of Governors from February 3, 2014, through February 3, 2018 (www.federalreservehistory.org/people/janet_l_yellen).