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The budget submitted by George W. Bush in his last year in office was the budget of 2009, which was in force through most of Barack Obama's first year in office. The President's budget also contains revenue and spending projections for the current fiscal year, the coming fiscal years, as well as several future fiscal years.
The last time that the budget was balanced or had a surplus was the 2001 United States federal budget. Numerous sources have stated that as of 2023, a balanced budget is no longer possible without massive reductions in spending by the United States federal government according to the Congressional Budget Office [9] and several independent sources.
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001, though the national debt still increased. [47] From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%).
"The budget has only been balanced five times in the last 50 years," Schatz told lawmakers. "Think about that. ... If your family had only balanced your budget five times in 50 years, you're ...
On this day in economic and business history... President Bill Clinton announced the first balanced federal budget in a generation on Sept. 30, 1998. In a speech at the White House, Clinton hailed ...
That would have amounted to a $184 billion cut in the first year, but overall spending would have grown by 18 percent over the full 10 years of the plan—and the budget would have balanced at the ...
President Obama's 2010 budget proposal includes a total of $663.8 billion, including $533.8 billion for the DOD and $130 billion for overseas contingencies, primarily the wars in Iraq and Afghanistan. The proposed DoD base budget represents an increase of $20.5 billion over the $513.3 billion enacted for fiscal 2009.
[24] [25] This high degree of fiscal balancing is a result of most states in the U.S. having balanced budget requirements. [26] A balanced budget requirement is a law that requires a government to balance its budget annually, such that government spending equals government revenue. [27] There are two types of balanced budget requirements: ex ...
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