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This is a list of countries by government debt. Gross government debt is government financial liabilities that are debt instruments. [ 1 ] : 81 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future.
Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits." [12]
List of countries by government budget; List of countries by government budget per capita; List of countries by tax revenue to GDP ratio; Europe: List of sovereign states in Europe by budget revenues; List of sovereign states in Europe by budget revenues per capita; United States: List of U.S. state budgets
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.
The budget deficit would balloon from 6% of GDP to 11% or 18%, respectively," Gundlach calculated. Before that happens, Washington's leadership may still have ways to address the issue.
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 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 US Treasury pegs the federal budget deficit in fiscal year 2024 at $1.8 trillion. The deficit is expected to grow to $2.8 trillion by 2034, per the Congressional Budget Office.