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WASHINGTON (Reuters) -President Joe Biden sketched his policy vision for the United States on Monday, unveiling a $7.3 trillion spending wish list that is as much an election-year pitch to voters ...
President Biden, who just secured the Democratic nomination for this year's election, revealed his massive $7.3 trillion budget proposal for fiscal year 2025 earlier this week.
Incoming President Barack Obama's budget request for FY 2010 totaled $3.55 trillion and was passed by Congress on April 29, 2009. Percentages in parentheses indicate percentage changes compared to FY 2009. A breakdown of Obama's budget request includes the following expenditures: [8] Mandatory spending: $2.173 trillion (+14.9%)
The CBO estimated in June 2012 that the Bush tax cuts of 2001 (EGTRRA) and 2003 (JGTRRA) added approximately $1.5 trillion total to the debt over the 2002–2011 decade, excluding interest. [ 2 ] The CBO estimated in January 2009 that the Bush tax cuts would add approximately $3.0 trillion to the debt over the 2010–2019 decade if fully ...
By 2009 this figure had risen to $7.8 trillion, but the federal government's debt-to-GDP ratio had fallen to 54.75%. [2] In February 2024, the total federal government debt grew to $34.4 trillion after having grown by approximately $1 trillion in both of two separate 100-day periods since the previous June. [24]
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
Under Trump, the federal budget deficit increased by almost 50 percent, to nearly $1 trillion in 2019. [162] By the end of his term, the U.S. national debt increased by 39 percent, reaching $27.75 trillion, and the U.S. debt-to-GDP ratio hit a post-World War II high. [ 163 ]
The Congressional Budget Office projected two weeks prior to Obama's first inauguration that the deficit in FY 2009 (a year budgeted by President Bush) would be $1.2 trillion and that the debt increase over the following decade would be $3.1 trillion assuming the expiration of the Bush tax cuts as scheduled in 2010, or around $6.0 trillion if ...