The Budget and Economic Outlook: An Update, 2009
"The Congressional Budget Office (CBO) estimates that the federal budget deficit for 2009 will total
$1.6 trillion, which, at 11.2 percent of gross domestic product (GDP), will be the highest since World War II. That deficit figure results from a combination of weak revenues and elevated spending associated with the economic downturn and financial turmoil. The deficit has been boosted by various federal policies implemented in response, including the stimulus legislation and aid for the financial, housing, and automotive sectors..."