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Decreased tax revenue and high spending resulted in an unusually large budget deficit of about $1.4 trillion, well above the $407 billion projected in the FY 2009 budget. [10] A 2009 CBO report indicated that $245 billion, about half of the excess spending, was a result of the 2008 TARP bailouts.
The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the ...
Put this one decidedly in the good news category: the Obama administration is expected to announce a $262 billion reduction in this year's budget deficit to $1.58 trillion. Earlier, the Obama ...
The annual budget deficit fell significantly during the Obama administration, although debt relative to the size of the economy increased. Comparison of CBO 2009 deficit forecasts versus actual results 2009–2016. The deficit was cut by nearly two-thirds, falling from $1.4 trillion in FY2009 to below $500 billion by FY2014.
U.S. government budget receipts continue to reflect the contraction effects of the nation's worst recession in more than 25 years. The federal budget deficit increased slightly in May to $189.7 ...
The CBO forecast in April 2018 that under current policy, the sum of annual federal budget deficits (debt increases) would be $13.7 trillion over the 2018-2027 time period. This is $4.3 trillion higher (46%) than the CBO January 2017 baseline of $9.4 trillion. The change is mainly due to the Tax Cuts and Jobs Act of 2017. [43]
The United States combined many stimulus measures into the American Recovery and Reinvestment Act of 2009, a $787 billion bill covering a variety of expenditures from rebates on taxes to business investment. $184.9 billion was to be spent in 2009, and $399.4 billion was to be spent in 2010 with the remainder of the bill's appropriations spread ...
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