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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 February 2010, President Obama formed the bipartisan Bowles–Simpson Commission to recommend steps that could be taken to reduce future budget deficits. The commission released its report on November 10, 2010, which recommended deep domestic and military spending cuts, reforming the tax system by eliminating many tax breaks in return for lower overall rates, and reducing benefits for ...
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.
Year-to-date receipts came in at $1.596 trillion, up 1% or $11 billion from the same period a year earlier, while outlays totaled $2.436 trillion, up 15% or $319 billion from the prior year period.
(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 ...
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 ...
Chart of BLS job-loss data based on OFA's chart President Barack Obama and Vice President Joe Biden speak to state legislators about the implementation of the Recovery Act on March 20, 2009. The Congressional Budget Office reported in October 2009 the reasons for the changes in the 2008 and 2009 deficits, which were approximately $460 billion ...
WASHINGTON (AP) — The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and ...