Budget Deficit Perspective

In 2009, the budget deficit hit a post WWII record of 10.1% of GDP as receipts fell to a 60-year low of 15.1% of GDP, while outlays hit a 60-year high of 25.2%. Only between 1942 and 1945 has the deficit ever been worse, topping out at 30.3% in 1943. The deficit is now 8.5% of GDP and assuming steady economic improvement will likely reach 3% within four years.

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