Fighting for a U.S. federal budget that prioritizes peace, economic security and shared prosperity
The president’s budget proposal would run a deficit of $474 billion in fiscal year 2016, down from $583 in 2015. It would also raise $638 billion in new revenues specifically for deficit reduction in 2016 and plans to achieve $1.8 trillion in total deficit reduction over 10 years from closing tax loopholes, changes to the Medicare Trust Fund and the Affordable Care Act (also known as Obamacare), and positive economic consequences of immigration reform.
As a share of the U.S. economy, the deficit is expected to be 2.5 percent in 2016, down from a high of 10 percent in 2009 following the Great Recession. Budget deficits are common; in the last half century, the U.S. ran a budget deficit in 44 out of 50 years. Budget deficits have averaged 3.1 percent of the U.S. economy since 1930.