Ad
related to: fy 2009 federal budget deficit vs national debt relief pros and cons
Search results
Results from the WOW.Com Content Network
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 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]
Since the national debt is an accumulation of federal deficits, each new tax cut and spending program creates a deficit and adds to the debt. The only way to reduce deficits and lower the debt ...
The budget went from a $236 billion surplus in fiscal year 2000 to a $413 billion deficit in fiscal year 2004. In fiscal year 2005, the deficit began to shrink due to a sharp increase in tax revenue. By 2007, the deficit was reduced to $161 billion; less than half of what it was in 2004 and the budget appeared well on its way to balance once again.
The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the ...
Put this one decidedly in the good news category: the Obama administration is expected to announce a $262 billion reduction in this year's budget deficit to $1.58 trillion. Earlier, the Obama ...
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 ...
Ad
related to: fy 2009 federal budget deficit vs national debt relief pros and cons