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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 United States has just logged its biggest budget deficit year in history.The nation posted a $46.6 billion deficit for September, and a record $1.42 trillion deficit for the 2009 fiscal year ...
In a disappointing start to the federal government's new fiscal year, the nation posted a higher-than-expected $176.4 billion budget deficit for October, the Treasury Department announced Thursday ...
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 Committee for a Responsible Federal Budget estimated that, partially as the result of the CARES Act, the budget deficit for fiscal year 2020 would increase to a record $3.8 trillion, or 18.7% GDP. [91] 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 ...
As a result, the federal budget deficit increased to $1.2 trillion in fiscal year 2009, or 9.8% of the gross domestic product (GDP). Over subsequent years both the economy and the deficit recovered to some extent, and the government enacted several laws with significant budget impact, including the Affordable Care Act in 2010, the Budget ...
It's hardly surprising, but, as always, it is something of a shock: The federal government spent some $111 billion more than it brought in last month, pushing its budget deficit for the fiscal ...
The Congressional Budget Office reported in October 2009 the reasons for the changes in the 2008 and 2009 deficits, which were approximately $460 billion and $1.41 trillion, respectively. The CBO estimated that ARRA increased the deficit by $200 billion (~$276 billion in 2023) for 2009, split evenly between tax cuts and additional spending ...