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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.
The United States Federal Budget for fiscal year 2016 began as a budget proposed by President Barack Obama to fund government operations for October 1, 2015 – September 30, 2016. The requested budget was submitted to the 114th Congress on February 2, 2015.
President Barack Obama's economic team released a massive 447-page report (link opens PDF) on the economy last week. The introductory text describes what you might expect from such a report: The ...
The Obama administration's February 2012 budget request contained $1 trillion in receipts and $200 billion in outlays, for a deficit of $400 billion. [45] The budget projects a reduction in the deficit to $575 billion by 2018 before rising to $704 billion by 2022. [46]
The last time the deficit came in under 3% of GDP was in 2015, Obama’s seventh year in office. During Donald Trump’s first three years in office, the deficit averaged 4% of GDP.
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The budget represented a shift from the Obama administration's strategy in previous years of using increased government spending, such as the American Recovery and Reinvestment Act of 2009, to combat the late 2000s recession. The 2012 budget plan was instead projected to reduce deficits by $1.1 trillion over the next ten years.
As its members attempt to navigate the political minefield that is U.S. budget reform, things are already looking grim for President Obama's National Commission on Fiscal Responsibility and Reform ...