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On August 2, 2011, President Obama signed the Budget Control Act of 2011 as part of an agreement with Congress to resolve the debt-ceiling crisis.The Act provided for a Joint Select Committee on Deficit Reduction (the "super committee") to produce legislation by late November that would decrease the deficit by $1.2 trillion over ten years.
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 ...
The agreement also specified an incentive for Congress to act. If Congress failed to produce a deficit reduction bill with at least $1.2 trillion in cuts, then Congress could grant a $1.2 trillion increase in the debt ceiling but this would trigger across-the-board cuts ("sequestrations" [note 1]), as of January 2, 2013. [3]
The National Commission on Fiscal Responsibility and Reform proposed Wednesday perhaps the most sweeping spending cuts in U.S. history to prevent the federal budget from careening off a fiscal ...
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 Obama administration's budget request contained $2.627 trillion in revenues and $3.729 trillion in outlays (expenditures) for 2012, for a deficit of $1.101 trillion. [45] The April 2011 Republican plan contained $2.533 trillion in revenues and $3.529 trillion in outlays, for a deficit of $0.996 trillion. [46]
The federal budget deficit hit an all-time high of $3.1 trillion in the ... of $1.4 trillion set in 2009. At that time, the Obama administration was spending heavily to shore up the nation's ...
Before the COVID-19 pandemic, the fiscal year deficit did not top $1 trillion. Now, Americans are in danger of $2 trillion becoming the new normal. Recently, the federal figures are even worse.