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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 CBO forecast in April 2018 that under current policy, the sum of annual federal budget deficits (debt increases) would be $13.7 trillion over the 2018-2027 time period. This is $4.3 trillion higher (46%) than the CBO January 2017 baseline of $9.4 trillion. The change is mainly due to the Tax Cuts and Jobs Act of 2017. [43]
The annual budget deficit fell significantly during the Obama administration, although debt relative to the size of the economy increased. Comparison of CBO 2009 deficit forecasts versus actual results 2009–2016. The deficit was cut by nearly two-thirds, falling from $1.4 trillion in FY2009 to below $500 billion by FY2014.
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 ...
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 ...
The Congressional Budget Office reported in October 2009 the reasons for the changes in the 2008 and 2009 deficits, which were approximately $460 billion and $1.41 trillion, respectively. The CBO estimated that ARRA increased the deficit by $200 billion (~$276 billion in 2023) for 2009, split evenly between tax cuts and additional spending ...
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The House of Representatives version of the bill includes $410 billion in spending. [2] This includes a 21 percent increase to a program that feeds infants and poor women, an 8 percent increase to the Section 8 voucher program, a 13 percent increase to the Agriculture Department, a 10 percent increase in Amtrak subsidies, a 10 percent increase in Congress's budget, a 12 percent increase in the ...