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The 2008 United States Federal Budget began as a proposal by President George W. Bush to fund government operations for October 1, 2007 – September 30, 2008. The requested budget was submitted to the 110th Congress on February 5, 2007. [1] The government was initially funded through a series of four temporary continuing resolutions.
Each year, the President of the United States submits a budget request to Congress for the following fiscal year as required by the Budget and Accounting Act of 1921. Current law ( 31 U.S.C. § 1105 (a)) requires the president to submit a budget no earlier than the first Monday in January, and no later than the first Monday in February.
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.
U.S. government budget receipts continue to reflect the contraction effects of the nation's worst recession in more than 25 years. The federal budget deficit increased slightly in May to $189.7 ...
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CBO estimated the budget deficit for FY 2012 at 7.0% GDP. The budget deficit in FY 2008 was 3.2% GDP, a difference of 3.8% GDP. FY 2012 revenue of 15.7% GDP was 1.9% below 2008 levels, while FY 2012 spending of 22.7% GDP was 1.9% GDP above 2008 levels, indicating the revenue and spending "problems" were of comparable size. [132]
The Congressional Budget Office (CBO) issued the first good news about the federal budget deficit since the 2008 recession and the huge stimulus program meant to pull the economy out of its dive.
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%).