United States: cash surplus/deficit



In recent years, Washington has run large budget deficits as the financial crisis and the subsequent recession have squeezed tax revenues. In 2009, for the first time in its history, the US ran a deficit in excess of $1trn ($1.46trn) as the Obama administration cut taxes and raised spending in an effort to stimulate the economy.

As a result, the national debt (the sum of all previously incurred federal deficits) has soared to more than $15trn, leading to significant political tension as Republicans fight Democrats over the best ways to reduce government borrowing.