2009 United States Federal Budget - Deficit

Deficit

Decreased tax revenue and high spending resulted in an unusually large budget deficit of about $1.4 trillion, well above the $407 billion projected in the FY 2009 budget. A 2009 CBO report indicated that $245 billion, about half of the excess spending, was a result of the 2008 TARP bailouts. Tax cuts resulting from the American Recovery and Reinvestment Act of 2009 accounted for nearly half of the lost revenue.