question archive Since 1969, which event was associated with the largest deficit as measured as a % of GDP?
Since 1969, which event was associated with the largest deficit as measured as a % of GDP?
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Since 1969, which event was associated with the largest deficit as measured as a % of GDP?
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The budget deficit was maximized in 2009 at $1.41 trillion, or 9.8% of gross domestic product (GDP). This deficit was largely caused by decreased tax revenue and increased automatic spending that resulted from The Great Recession. Additionally, government spending also rose because of bank bailouts and stimulus packages passed by the federal government as a way to combat the negative effects of the recession.
