Record Budget Deficit In 2008? Not Even Close

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Record Budget Deficit In 2008? Not Even Close

By Mark Perry on September 10, 2008 | More Posts By Mark Perry | Author's Website

WASHINGTON (Reuters) - The U.S. budget deficit will swell to record levels in 2009 as the “turbulent” economy cuts revenues and hikes government spending, a congressional report said Tuesday.

MP: The budget deficit in 2008 of $407 billion will be 2.86% of GDP, which is nowhere near record levels (see chart above). There have been 18 years (1968, 1975, 1976, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1990, 1991, 1992, 1993, 1994, 2003 and 2004) when the budget deficit was larger, as a percent of GDP (historical data here).

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