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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 for fiscal year 2021 is on track to total $2.3 trillion, or 10.4% of gross domestic product, lower than the record $3.1 trillion deficit last year but higher than any ...
A budget resolution for the 2021 fiscal year began to be considered by the 117th United States Congress in February 2021. As appropriations for the fiscal year had already been approved, the budget resolution's main purpose was to begin the budget reconciliation process to allow a COVID-19 pandemic relief bill to be passed without the possibility of being blocked by a filibuster.
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]
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The federal budget deficit reached $622 billion over the past two months, the Congressional Budget Office (CBO) estimated in its recent monthly budget review. The figure marks a $242 billion ...
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 ...
The Committee for a Responsible Federal Budget estimated that the budget deficit for fiscal year 2020 would increase to a record $3.8 trillion (~$4.41 trillion in 2023), or 18.7% GDP. [119] For scale, in 2009 the budget deficit reached 9.8% GDP ($1.4 trillion nominal dollars) in the depths of the Great Recession.