Reference no: EM13481074

According to the chart that I found at Trading Economics, the current government spending percentage in regards to GDP is at -4.1 deficit. If spending is not checked then projected percentage will only increase (more negative), although hopefully it will never reach the level during the Great Depression (around 25%). I found in usgovernmentspending.com website a direct comparison between Obama Deficit Numbers and Bush's, and it is very interesting how during Bush's presidency, the budget deficits went almost triple from $458 billion dollar in 2008 FY to $1,413 billion dollar in 2009. In comparison, Obama has been able to chip away the deficits to a projected $649 billion dollar for 2014 FY and $564 billion dollar in 2015 FY. Amadeo breaks it down in her article how the deficits came as a result of so many different factors: financial crisis which reduced the revenues and on top of that there were increase military spending, bail out money among other things that going on at that time.

References

Amadeo, K. FY 2009 Federal budget. The story behind the largest deficit in U.S. history. Retrieved from https://useconomy.about.com/od/usfederalbudget/p/FY-2009-Federal-Budget.htm

Trading Economics. Retrieved from https://www.tradingeconomics.com/united-states/government-budget

Us Government Spending. Retrieved from https://www.usgovernmentspending.com/federal_deficit_chart.html