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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 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 ...
This was the highest budget deficit relative to GDP (9.9%) since 1945. [54] The national debt increased by $1.9 trillion during FY2009, versus the $1.0 trillion increase during 2008. [55] The Obama Administration also made four significant accounting changes to more accurately report total federal government spending. The four changes were:
In 1993, for instance, the annual deficit amounted to 3.8% of GDP, and the debt, which seemed astronomically high at a “mere” $4.4 trillion, was Lilliputian by today’s standards. The trend ...
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.
Fiscal year 2017 (FY2017) ran from October 1, 2016 to September 30, 2017; President Trump was inaugurated in January 2017, so he began office in the fourth month of the fiscal year, which was budgeted by President Obama. In FY2017, the actual budget deficit was $666 billion, $80 billion more than FY2016.
(The Center Square) – The U.S. Congressional Budget Office released new data showing that in the last calendar year, the federal deficit has risen over $2 trillion. The CBO released its monthly ...
Federal, State, and Local debt and a percentage of GDP chart/graph. GDP is a measure of the total size and output of the economy. One measure of the debt burden is its size relative to GDP, called the "debt-to-GDP ratio". Mathematically, this is the debt divided by the GDP amount.