CBO Percentage of Deficit to GDP rather misleading measure of progress. CBO says percentage of deficit to GDP declined each year for the last 5 years. Great meanwhile the deficit increased each year to $17.5 Trilling with a $225 Billion interest payment while increasing each year. Second CBO predicted a $492 Billion deficit for fiscal year 2014 . CBO news flash your projection are wrong the 2014 deficit has reached $548 Billion effective June 16, 2014 with over 6 months left in the year. As it usually does each spring, CBO has updated the baseline budget projections that it released earlier in the year. CBO now estimates that if the current laws that govern federal taxes and spending do not change, the budget deficit in fiscal year 2014 will be $492 billion. Relative to the size of the economy, that deficit—at 2.8 percent of gross domestic product (GDP)—will be nearly a third less than the $680 billion shortfall in fiscal year 2013, which was equal to 4.1 percent of GDP. This will be the fifth consecutive year in which the deficit has declined as a share of GDP since peaking at 9.8 Amount Each President Added to the Debt per Fiscal Year Since 1964: President Barack Obama: Added $5.081 trillion, a 44% increase to the $11.657 trillion debt level attributable to President Bush at the end of his last budget, FY 2009. • FY 2013 - $672 billion. • FY 2012 - $1.276 trillion. • FY 2011 - $1.229 trillion. • FY 2010 - $1.652 trillion. • FY 2009 - $253 billion. (Congress passed the Economic Stimulus Act, which spent $253 billion in FY 2009. This rare occurrence should be added to President Obamas contribution to the debt.) President George W. Bush: Added $5.849 trillion, a 101% increase to the $5.8 trillion debt level at the end of Clintons last budget, FY 2001. • FY 2009 - $1.632 trillion. (Bushs deficit without the impact of the Economic Stimulus Act). • FY 2008 - $1.017 trillion. • FY 2007 - $501 billion. • FY 2006 - $574 billion. • FY 2005 - $554 billion. • FY 2004 - $596 billion. • FY 2003 - $555 billion. • FY 2002 - $421 billion. President Bill Clinton: Added $1.396 trillion, a 32% increase to the $4.4 trillion debt level at the end of Bushs last budget, FY 1993. • FY 2001 - $133 billion. • FY 2000 - $18 billion. • FY 1999 - $130 billion. • FY 1998 - $113 billion. • FY 1997 - $188 billion. • FY 1996 - $251 billion. • FY 1995 - $281 billion. • FY 1994 - $281 billion. President George H.W. Bush: Added $1.554 trillion, a 54% increase to the $2.8 trillion debt level at the end of Reagans last budget, FY 1989. • FY 1993 - $347 billion. • FY 1992 - $399 billion. • FY 1991 - $432 billion. • FY 1990 - $376 billion. President Ronald Reagan: Added $1.86 trillion, 186% increase to the $998 billion debt level at the end of Carters last budget, FY 1981. • FY 1989 - $255 billion. • FY 1988 - $252 billion. • FY 1987 - $225 billion. • FY 1986 - $297 billion. • FY 1985 - $256 billion. • FY 1984 - $195 billion. • FY 1983 - $235 billion. • FY 1982 - $144 billion. President Jimmy Carter: Added $299 billion, a 43% increase to the $699 billion debt level at the end of Fords last budget, FY 1977. • FY 1981 - $90 billion. • FY 1980 - $81 billion. • FY 1979 - $55 billion. • FY 1978 - $73 billion. President Gerald Ford: Added $224 billion, a 47% increase to the $475 billion debt level at the end of Nixons last budget, FY 1974. • FY 1977 - $78 billion. • FY 1976 - $87 billion. • FY 1975 - $58 billion. President Richard Nixon: Added $121 billion, a 34% increase to the $354 billion debt level at the end of LBJs last budget, FY 1969. • FY 1974 - $17 billion. • FY 1973 - $31 billion. • FY 1972 - $29 billion. • FY 1971 - $27 billion. • FY 1970 - $17 billion. President Lyndon B. Johnson: Added $42 billion, a 13% increase to the $312 billion debt level at the end of JFKs last budget, FY 1964. • FY 1969 - $6 billion. • FY 1968 - $21 billion. • FY 1967 - $6 billion. • FY 1966 - $3 billion. • FY 1965 - $6 billion. President John F. Kennedy: Added $23 billion, a 8% increase to the $289 billion debt level at the end of Eisenhowers last budget, FY1961. • FY 1964 - $6 billion. • FY 1963 - $7 billion. • FY 1962 - $10 billion. President Dwight Eisenhower: Added $23 billion, a 9% increase to the $266 billion debt level at the end of Trumans last budget, FY 1953. • FY 1961 - $3 billion. • FY 1960 - $2 billion. • FY 1959 - $8 billion. • FY 1958 - $6 billion. • FY 1957 - $2 billion surplus. • FY 1956 - $2 billion surplus. • FY 1955 - $3 billion. • FY 1954 - $5 billion.
Posted on: Mon, 16 Jun 2014 12:00:41 +0000
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