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Decreased tax revenue and high spending resulted in an unusually large budget deficit of about $1.4 trillion, well above the $407 billion projected in the FY 2009 budget. [10] A 2009 CBO report indicated that $245 billion, about half of the excess spending, was a result of the 2008 TARP bailouts. Spending increases and tax credits resulting ...
The United States has just logged its biggest budget deficit year in history.The nation posted a $46.6 billion deficit for September, and a record $1.42 trillion deficit for the 2009 fiscal year ...
The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the ...
The Congressional Budget Office reported in October 2009 the reasons for the changes in the 2008 and 2009 deficits, which were approximately $460 billion and $1.41 trillion, respectively. The CBO estimated that ARRA increased the deficit by $200 billion (~$276 billion in 2023) for 2009, split evenly between tax cuts and additional spending ...
The federal budget deficit increased slightly in May to $189.7 billion as receipts fell while outlays. U.S. government budget receipts continue to reflect the contraction effects of the nation's ...
In January 2009, CBO forecast that the sum of the annual budget deficits from 2009–2016 (the Barack Obama era) would be a $3.7 trillion deficit, based on laws in place at the end of the G.W. Bush administration. This forecast assumed the Bush tax cuts would expire in 2010. [28]
The telling stat in the U.S. Treasury Department's February budget report? U.S. government tax receipts, which plummeted 17 percent to a 14-year low of $87.3 billion. Outlays were flat at $280.1 ...
French government borrowing (budget deficits) as a percentage of GNP, 1960–2009. A government deficit can be thought of as consisting of two elements, structural and cyclical. At the lowest point in the business cycle, there is a high level of unemployment. This means that tax revenues are low and expenditure (e.g., on social security) high ...