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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 U.S. budget situation has deteriorated significantly since 2001, when the CBO forecast average annual surpluses of approximately $850 billion from 2009 to 2012. The average deficit forecast in each of those years as of June 2009 was approximately $1,215 billion (~$1.68 trillion in 2023).
The amount of reduced federal revenues are significant, estimated by CBO at nearly 8% GDP or about $1.5 trillion in 2017, for scale roughly half the revenue collected by the government and nearly three times as large as the budget deficit. Since eliminating a tax expenditure changes economic behavior, the amount of additional revenue that would ...
Before the COVID-19 pandemic, the fiscal year deficit did not top $1 trillion. Now, Americans are in danger of $2 trillion becoming the new normal. Recently, the federal figures
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 Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. ... the final month of the fiscal year, the deficit fell to $171 billion from $430 billion ...
In September 2020, CNN reported: "Since 1945, the S&P 500 has averaged an annual gain of 11.2% during years when Democrats controlled the White House, according to CFRA Research. That's well ahead of the 6.9% average gain under Republicans." [3] Analysis conducted by S&P Capital IQ in 2016 found similar results since 1901. [23]
The budget results for October, the first month of the 2025 fiscal year, come after President Joe Biden's administration turned in a full-year fiscal 2024 deficit of $1.83 trillion, the largest ...