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What was the budget deficit in 2006?

What was the budget deficit in 2006?

2006 United States federal budget

Submitted February 7, 2005
Deficit $390 billion (requested) $248.2 billion (actual) 1.8% of GDP (actual)
Debt $8.45 trillion (at fiscal end) 61.8% of GDP (actual)
GDP $13.685 trillion
Website Office of Management and Budget

What was the US debt in 2006?

Debt by Year Compared to Nominal GDP and Events

End of Fiscal Year Debt (in billions, rounded) Debt-to-GDP Ratio
2006 $8,507 62%
2007 $9,008 62%
2008 $10,025 68%
2009 $11,910 82%

What was the US deficit in 2005?

2005 United States federal budget

Submitted February 2, 2004
Total expenditures $2.4 trillion (requested) $2.47 trillion (actual) 19.2% of GDP (actual)
Deficit $364 billion (requested) $318.3 billion (actual) 2.5% of GDP (actual)
Debt $7.905 trillion (at fiscal end) 61.3% of GDP
GDP $12.889 trillion

What happened in 2006 to the economy?

In 2006, the economy added on average 149,000 new jobs per month, down from 165,000 new jobs in 2005 and 175,000 in 2004. Job growth was 14.5 percent slower in 2006 than in 2004, the year with the highest job growth in this business cycle, which started in March 2001.

How long has the federal government been in a deficit?

Sometimes the term balanced budget is used more broadly to refer to instances where there is no deficit. A deficit occurs when the government spends more money than it collects. The federal government has run deficits for the last 19 years.

What was the US deficit in 1973 compared to GDP?

Deficit by Year Since 1929 FY Deficit (in billions) Debt Increase Deficit/GDP Events 1973 $15 $31 1.0% End of gold standard 1974 $6 $17 0.4% Budget process created, Watergate 1975 $53 $58 3.2% Ford budget, Vietnam War ended 1976 $74 $87 3.9% Stagflation

How is the budget deficit related to GDP?

This date coincides with the budget deficit’s fiscal year. GDP in the years up to 1947 is not available for the third quarter, so year-end figures are used. The first column represents the fiscal year, followed by the deficit for that year in billions.

Is the US in a deficit or a surplus?

While the deficit varies from month to month and some months may even record a surplus — for example, in April, when taxpayers are submitting their personal income taxes — debt and deficits are on an unsustainable upward trajectory.