What was the US deficit in 2013?
What was the US deficit in 2013?
2013 United States federal budget
| Submitted | February 13, 2012 |
|---|---|
| Total expenditures | $3.803 trillion (requested) $3.45 trillion (actual) 20.8% of GDP (actual) |
| Deficit | $901 billion (requested) 5.5% of GDP $680 billion (actual) 4.1% of GDP (actual) |
| Debt | $16.72 trillion (at fiscal end) 100.8% of GDP |
| GDP | $16.582 trillion |
When did the US have a budget deficit?
The U.S. ran severe budget deficits during the Great Depression and World War II. During the 1940s, spending on the war effort created the largest deficits as a percentage of total gross domestic product, or GDP, in American history.
What was the US deficit in 2020?
$3.132 trillion
The United States posted a deficit of $3.132 trillion in fiscal 2020, when the federal government first started spending frantically in response to the pandemic.
When did the US last have a surplus?
2001
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001. From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%).
What year did the US have a balanced budget?
Clinton signed into law the Omnibus Budget Reconciliation Act of 1993, which attacked the deficit by raising taxes. Beginning with the 1998 budget year, during his second term, the federal government ran a yearly budget surplus through FY 2001.
What is the US deficit as of 2021?
$2.77 trillion
WASHINGTON (AP) — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.