Monthly Budget Review

November 4, 2010

Based on the Monthly Treasury Statement for September and the Daily Treasury Statements for October

The federal government recorded a total budget deficit of $1.3 trillion in fiscal year 2010, $122 billion less than the deficit incurred in 2009. The federal deficit fell as a share of the nation's gross domestic product (GDP) from 10.0 percent in 2009 to 8.9 percent in 2010--the second-highest deficit as a share of GDP since 1945 and about four times the average deficit as a share of GDP recorded between 2005 and 2008.