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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 ...
The CBO estimated that more tariff revenue would help shrink the federal budget deficit by $2.7 trillion from fiscal years 2025 to 2034. ... a share of federal revenue from the late 1700s to today ...
The former was primarily tax cuts, while the latter included a blend of tax cuts, investment and spending. The CBO initially estimated that ARRA would increase the federal budget deficit by $185 billion during 2009, by $399 billion in 2010, by $134 billion in 2011, for a total of $787 billion over the 2009-2019 period. [146]
The Committee for a Responsible Federal Budget estimated that the budget deficit for fiscal year 2020 would increase to a record $3.8 trillion, or 18.7% GDP. [207] For scale, in 2009 the budget deficit reached 9.8% GDP ($1.4 trillion nominal dollars) in the depths of the Great Recession. CBO forecast in January 2020 that the budget deficit in ...
The Congressional Budget Office said Wednesday that it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion, a short-lived dip as the annual shortfall is ...
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 ...
Incoming President Barack Obama's budget request for FY 2010 totaled $3.55 trillion and was passed by Congress on April 29, 2009. Percentages in parentheses indicate percentage changes compared to FY 2009. A breakdown of Obama's budget request includes the following expenditures: [8] Mandatory spending: $2.173 trillion (+14.9%)