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The deficit for the first two months of the 2025 fiscal year also was a record high for that period - higher than the deficits of the COVID-19 era - reaching $624 billion, up $244 billion, or 64% ...
Large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049. That projection incorporates CBO's central estimates of various factors, such as productivity growth and interest rates on federal debt.
Since 1981, federal budget deficits have increased under Republican presidents Ronald Reagan, both Bushes, and Trump, while deficits have declined under Democratic presidents Clinton and Obama. The economy ran surpluses during Clinton's last four fiscal years, the first surpluses since 1969.
President Obama announced a 10-year (2012–2021) plan in September 2011 called: "Living Within Our Means and Investing in the Future: The President's Plan for Economic Growth and Deficit Reduction." The plan included tax increases on the wealthy, along with cuts in future spending on defense and Medicare. Social Security was excluded from the ...
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 ...
For the first seven months of fiscal year 2024, which began last October, ... In the 1990s, the average federal deficit was $138 billion per year. In the 2000s, it was $318 billion. In the 2010s ...
The U.S. federal government has run annual deficits in 36 of the past 40 fiscal years, with surpluses from 1998–2001. Debt represents the accumulation of deficits over time. Debt held by the public, a partial measure of the U.S. national debt representing securities held by investors, rose in dollar terms each year except during the 1998 ...
The U.S. Congressional Budget Office released its monthly budget review on Monday, which showed that in the first two months of this fiscal year, the federal government has run up a deficit of ...