Half of respondents perceive current U.S. fiscal policy as "too stimulative," and 90 percent of respondents believe fiscal policy should be used to reduce the deficit as a share of gross domestic product (GDP), according to an economic policy survey released Monday by the National Association for Business Economics (NABE).

Some 52 percent of survey respondents find current fiscal policy to be "too stimulative," close to the 55 percent reported in the February 2019 survey, and the 51 percent in the August 2019 survey, the latest survey showed. But it marks a decline from the 71 percent in the August 2018 survey.

Some 55 percent of panelists suggest that the federal government should exercise greater "spending restraint" to address the current fiscal deficit, according to the new survey, which was conducted between Jan. 23 and Feb. 5 among 210 members of the association.

Some 54 percent of panelists support enacting structural policies to stimulate stronger economic growth, and 53 percent favor increasing tax revenues, the survey showed. Only 6 percent of respondents favor making no policy changes since "the present deficit is not worrisome in a low interest-rate environment."

Under current tax and spending policies, the Congressional Budget Office (CBO) projects the federal budget deficit will fluctuate between 4.4 percent and 4.8 percent of nominal GDP over this decade, and expects the federal debt relative to GDP to increase to 95 percent, the NABE noted.

Nearly 80 percent of respondents are either "very concerned" (40 percent) or "concerned" (39 percent) about the trajectory of federal debt relative to GDP, the survey showed. An additional 18 percent are "mildly concerned," while 4 percent of panelists indicate they are not concerned.

The survey also showed that only 13 percent of respondents expect a recession in 2020. When asked what odds they place on a 2020 slump, a majority of respondents place the probability at 25 percent or less.

"Survey respondents no longer believe a recession is likely in 2020 -- a reversal from the predominant view of panelists in the February 2019 survey," said NABE President and KPMG Chief Economist Constance Hunter.

Currently some 50 percent see a recession by year-end 2021, while 72 percent anticipated a recession by then in the August 2019 survey.