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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 ...
In January 2013, the United States reached the $16.394 trillion debt ceiling that had been enacted following a crisis in 2011. President Obama and members of the Democratic Party proposed raising the debt ceiling, with some advocating for its complete dismissal.
The projected 2013 deficit was $900 billion (5.5% GDP), down from the 2012 deficit of $1.3 trillion (8.5% GDP). [ 13 ] Over the 2013-2022 period, the budget essentially freezes defense and non-defense discretionary spending in dollar terms, such that these categories shrink relative to a growing economy, from 8.7% GDP to 5.9% GDP.
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(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 ...
President Barack Obama makes a statement in the Brady Press Briefing Room at the White House announcing a deal that resolved the US debt ceiling crisis. July 31, 2011. On July 31, 2011, President Obama announced that the leaders of both parties in both chambers had reached an agreement that would reduce the deficit and avoid default. [101]
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 ...
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.