US Federal Deficits and Debt, Past and Future
"When I walked into the door of the White House, our government was spending about 25 percent of GDP but taking in only about 16 percent of GDP. Without action, the accumulated weight of that structural deficit, of ever-increasing debt, will hobble our economy, it will cloud our future, and it will saddle every child in America with an intolerable burden. This isn't news. Since the budget surpluses at the end of the 1990s, federal debt has exploded." President Obama, February 18, 2010.
CBO estimates of President Obama's budgets:
2010 deficit: $1.5 trillion (10.3% of GDP)
2011 deficit: $1.3 trillion (8.9% of GDP)
Debt held by the public at end of 2009: $7.5 trillion (53% of GDP)
At end of 2020: $20.3 trillion (90% of GDP)
Source: Congressional Budget Office.
President Bush's last two budgets:
2007 deficit: $161 billion (1.2% of GDP)
2008 deficit: $459 billion (3.2% of GDP)
Debt held by the public in 2007: $5.0 trillion (36.9% of GDP)
In 2008: $5.8 trillion (40.8% of GDP)
Source: US Statistical Abstract, Tables 457 and 458.