That was the starting point for President Donald Trump, who came to the White House in 2017. The U.S. is set to record a $3.3 trillion deficit in fiscal 2020. But so far, under his administration, federal debt has increased about $7 trillion, per USA TODAY. That was the baseline for President Ronald Reagan when he entered the White House in 1981. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. By the time he exited in 1989, the deficit had doubled to $152.6 billion. That was the baseline for President Barack Obama, who entered the White House in 2009. As of the end of the second quarter of 2020, the public debt was 136% of, or 36% larger than, the nation’s gross domestic product. The government has also spent more than $500 billion on unemployment insurance this year, while the government had spent just over $30 billion on the same programs the previous year. That was the baseline for President Bill Clinton, who entered the White House in 1993. This increase is largely a result of government spending in reaction to the coronavirus pandemic. The deficits in November of both years were affected by shifts in the timing of certain federal payments because November 1, 2020 and December 1, 2019 each fell on a weekend. The 2020s Will Be the Decade of Deficit Doomsday America will have to pay for its spending spree and its wars. The Treasury Department has been tracking accumulated debt since 1993, and it has grown under each presidential administration, per Business Insider. The most recent budget surplus was in 2001. Fact check: After endorsing him, New York Post now pushes Trump to accept Biden's victory. Federal Budget Surplus for January 2019: $9 billion The deficit for January 2020 is in contrast to the small surplus from January 2019. December 29, 2020 4:10 pm . The resulting deficit of $2,744,303,000,000 was the largest the federal government has ever run in the first nine months of a fiscal year. That was the baseline for President Gerald Ford, who took over in 1974. The claim in the viral post centers on presidents who left office with less of a deficit than when they entered the White House. Data shines a spotlight on racial inequities in American life. The figure is specific to each fiscal year. By the time he exited, there was a $128.2 billion surplus. Presidents are also not solely responsible for changes in the deficit; for example, Congress plays a role. Who has access to paid sick and medical leave? But what's the difference? ", Fact check: These 5 election statistics do not discredit Joe Biden's victory. The 2020 deficit was nearly twice as large as the deficit in 2009, when the government enacted stimulus spending in response to the Great Recession. Economic Report U.S. federal budget deficit soars to record $3.1 trillion in 2020 Published: Oct. 16, 2020 at 2:58 p.m. What would it take to cut the federal deficit? Stephen Ellis, the president of Taxpayers for Common Sense, told USA TODAY that some responsibility for the deficit also falls to Congress. The Office of Management and Budget has tracked the federal government's revenues, expenses and surpluses/deficits from 1789 to 2025 (fiscal years beyond the current one are estimates). President Richard Nixon entered the White House in 1969. Find the latest political news stories, photos, and videos on NBCNews.com. A few posts from 2018 about presidential administrations and the federal deficit have resurfaced on Facebook in recent weeks. ET Its revenue comes from sources like federal income taxes. Some other presidents lowered the deficit midway through their terms, but they all exited the White House in a year with a higher deficit than the year they entered. By the time he left the White House in 1977, the deficit had grown to $53.7 billion. The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. The 2020 deficit of $3.1 trillion easily surpassed the previous record in dollars of $1.4 trillion in 2009 and more than tripled the previous year's deficit of $984 billion. Our fact check work is supported in part by a grant from Facebook. It's too soon to say the final figure for Trump. The U.S. federal budget deficit will soar to a record $3.3 trillion this fiscal year, swelling government debt to a size bigger than the economy in the wake of massive spending to … Total federal government public debt is now up to approximately $26 trillion. From health insurance to prescription drug prices, the cost of healthcare has been a political issue for decades. A combined federal, state, local view of how funds flow in and out. The magnitude of the spending is almost on the scale of that of the World War II era. In 2020, federal spending increased in response to … In addition, certain federal payments in 2020 were shifted into January because February 1st fell on a weekend. US National Debt Clock : Real Time U.S. National Debt Clock The federal government spent $3.1 trillion more than it brought in as revenue in fiscal year 2020, which began October 2019 and ended September 2020. The claim: Clinton and Obama were the only presidents to lower the deficit in the last 50 years. The posts feature photos of Democratic Presidents Bill Clinton and Barack Obama, and pose the question, "Why do Republicans claim to be fiscally conservative when these are the only two presidents to lower the deficit in the last 50 years? The federal deficit hit $2.8 trillion for the first 10 months of fiscal 2020, breaking the previous annual record, according to figures released Wednesday by the Treasury Department.. In both years, certain federal payments were shifted into December because January 1st was a holiday. The federal deficit as a share of GDP in 2020 is likely to be the highest it has been since World War II, with a $3.6 trillion deficit making up approximately 15 percent of U.S. GDP. Significant issues around immigration, including data on asylum seekers, DACA, and visas, plus border security. Its expenses are determined by the federal budget, and include federal benefits and funding for federal agencies, per USA.gov. December 29, 2020 4:13 pm . It's also worth noting that the deficit is distinct from the federal debt — which increased under both Clinton and Obama. The Paycheck Protection Program is part of the national response to the economic impact of COVID-19. Here are the priorities for the Biden administration's first 100 days. US economy 101: National debt vs. national deficit. During that time, the government spent a … Deficits. By the time he left in 1993, the deficit had grown over $100 billion to $255 billion. By the time he resigned in 1974, there was a $6.1 billion deficit. By the time he left in 1981, it had grown to $78.9 billion. If total revenue exceeds total expenses, the difference is called a "surplus." Office of Management and Budget, accessed Dec. 31. Meanwhile, federal government revenue was relatively similar to that of last year. This deficit was the difference between $365 billion of spending and $219 billion of revenue. Read breaking headlines covering Congress, Democrats, Republicans, election news, and more. By the time Trump leaves in 2021, there will be a $966 billion deficit, according to estimates from the Office of Management and Budget. By the time he exited in 2017, there was a $665.4 billion deficit — about half of what it was when he entered. Thank you for supporting our journalism. Federal Budget Deficit for November 2019: $209 billion The deficit for November 2020 was $64 billion smaller than the deficit recorded in November 2019. CBO projects a federal budget deficit of $3.3 trillion in 2020, more than triple the shortfall recorded in 2019. The accumulated federal budget deficits, plus other off-budget expenses, comprise the federal debt, per the Treasury Department. Increased government spending was driven by several programs responding to the pandemic-induced economic downturn. "Presidents don't control every lever in the economy," she said. Arne. By the time he left in 2009, there was a $1.41 trillion deficit. The pandemic’s full impact on state tax revenue remains to be seen, though revenue for the second quarter of 2020 was significantly lower than revenue for the same quarter in 2019. Published on Fri, October 16, 2020 11:54AM PDT | Updated Fri, October 16, 2020 1:39PM PDT. "Any President bears some responsibility for the deficit, but so does Congress, they are passing the spending bills that the President signs," he wrote. How much does the average American family pay in taxes. ... Of course, it would be better if we did not need to increase the federal fiscal deficit, no pandemic, no trade deficit, higher capital gains tax for assets held under five years. For scale, in 2009 the budget deficit reached 9.8% GDP ($1.4 trillion nominal dollars) in the depths of the Great Recession . As a result, we rate these posts MISSING CONTEXT, because without additional information they could be misleading. The number of new jobs and the unemployment rate are regularly cited in the news, but they’re just part of the picture. Joann Weiner, an economics professor at George Washington University, told USA TODAY that "it is true, in fact, that Republicans create deficits and Democrats reduce deficits, by their personal choices.". "Even though Clinton had some surpluses, the accumulated deficits were more in excess of that.". ", Erlene King — a user who shared a version of the post — told USA TODAY she believes it is "100% true. The federal government typically operates at a deficit rather than a surplus. Tracking the Federal Deficit: November 2020 The Congressional Budget Office estimates that the federal government ran a deficit of $146 billion in November, the second month of fiscal year 2021. Trade is an important part of the American economy and a key driver of many industries. "The debt is the nation’s accumulated annual deficits over all the years," Ellis wrote. ", Fact check: Fake story claims former President Barack Obama was arrested for espionage. The Congressional Budget Office (CBO) predicted that the COVID-19 pandemic would raise … Under Clinton, federal debt grew $1.49 trillion. Let's look at the last five decades. Under Obama, it grew another $8.95 trillion. A few posts from 2018 about presidential administrations and the federal deficit … That was the starting point for President George H.W. Under Bush, the federal debt increased $4.30 trillion. That increase is mostly the result of the economic disruption caused by the 2020 coronavirus pandemic and the enactment of legislation in response. "Reducing the deficit every year doesn't mean that debt is going to go away," Weiner explained. Like any entity, the federal government generates revenue and racks up expenses on an annual basis. Beginning in 2016, increases in spending on Social Security, health care, and interest on federal debt have outpaced the growth of federal revenue. The budget deficit was already rising before the pandemic hit, in part because of Republican tax cuts and was on track to exceed $1 trillion in … The Committee for a Responsible Federal Budget estimated that the budget deficit for fiscal year 2020 would increase to a record $3.8 trillion, or 18.7% GDP. The federal deficit for fiscal year 2020 was $3.1 trillion, or 14.9% of gross domestic product, the Congressional Budget Office reported Monday, the largest as a … Bush, who entered the White House in 1989. Government data from over 70 sources organized to show how the money flows, the impact, and who "the people" are. Fake story claims former President Barack Obama was arrested for espionage, Obama, Bush and Clinton would publicly get vaccinated to boost confidence, These 5 election statistics do not discredit Joe Biden's victory, After endorsing him, New York Post now pushes Trump to accept Biden's victory, Frequently Asked Questions about the Public Debt, The US national debt just pushed past $22 trillion — here's how Trump's $2 trillion in debt compares with Obama, Bush, and Clinton, Fact check: Since 2017, national debt has risen but by less than claimed, subscribe to our print edition, ad-free app or electronic newspaper replica here, Your California Privacy Rights/Privacy Policy. At the time, there was a $3.2 billion surplus. In the Federal government’s fiscal 2020 year that is ending in three days, President Trump will have overseen a deficit exceeding $3 trillion. Accumulated debt Since 1993, and include federal benefits and funding for federal agencies per. 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