Deficits and Debt

Budget Briefs

Budget Briefs


Glossary for the Federal Budget
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Spending by Category

Discretionary Spending

Total Spending

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Deficits and Debt


Total and On-budget Deficits and Surpluses, 1940-2009* (in billions of $2009)

The federal budget is classified into 'on-budget' and 'off-budget' items. 'Off-budget' spending includes the Social Security Trust Funds and the U.S. Postal Office.

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Federal Deficits and Surpluses, 1930 - 2009 (As a Percentage of GDP)

A deficit is when the outlays exceed revenues and a surplus is when revenues exceed outlays.

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Federal Debt, 1940-2009 (in $2009)

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Federal Debt, 1940-2009 (As a Percentage of the GDP)

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Federal Deficit, Surplus, and National Debt

With a national debt of about $8 trillion, it is clear why this issue has assumed such political and economic significance.

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