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Public debt rose sharply during George W. Bush's presidency and in the wake of the 2007–2008 financial crisis, with resulting significant tax revenue declines and spending increases, such as the Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Act of 2009.
The 2009 annual budget deficit and public debt both relative to GDP, for selected European countries. In the eurozone, the following number of countries were: SGP-limit compliant (3), Unhealthy (1), Critical (12), and Unsustainable (1). The 2012 annual budget deficit and public debt both relative to GDP, for all countries and UK.
The upper graph shows the U.S. public debt in trillions of dollars while the lower graph shows the U.S. public debt as a percentage of GDP. (Data are from the 2009 U.S. Budget.) The President proposes a national budget to Congress, which has final say over the document but rarely appropriates more than what the President requests.
Public debt percent of GDP. In 1946, US state and local governments owed $12.7 billion of debt or 5.71% of GDP. By 2009 this figure had risen to $2.4 trillion or 16.5% of GDP. [2] In 2016, state and local governments owed $3 trillion and have another $5 trillion in unfunded liabilities. [21]
The Treasury Department's data starts in 1790, when Treasury Secretary Alexander Hamilton estimated that total public debt was $70.1 million.
Public debt $ and %GDP (2010) for selected European countries Government debt of Eurozone, Germany and crisis countries compared to Eurozone GDP. The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s that made it difficult or ...
Greek government debt for 2009 was estimated at 115.1% of GDP, which was the second highest in the EU after Italy's 115.8%. ... Public debt peaked at €356 billion ...
By the end of June 2009, the public sector debt stood at £798.8 billion, equivalent to 56.6% of GDP, the highest percentage since records began in 1974. This compared to £641.4 billion or 44.4% of GDP in June 2008. [101] The figure is expected to rise still higher when the costs of bailing out RBS and LLoyds Bank are added. [102]