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Economic News, Data and Analysis

Deficit numbers

Ouch.

Monthly Budget Review
As a result of the largest percentage drop in revenues in over 50 years and the largest percentage growth in spending on programs and activities in 20 years, the federal government will record a total budget deficit of about $157 billion for fiscal year 2002, CBO estimates. That result is the first unified budget deficit since 1997 and a net change of $284 billion from the $127 billion surplus recorded last year. At about 1.5 percent of gross domestic product (GDP), the 2002 deficit is the largest since 1995 but well below the 5 percent to 6 percent of GDP recorded in the mid-1980s.

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