According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001. From fiscal years 2001 to 2009, spending increased by 6.5 % of gross domestic product (from 18.2 % to 24.7 %) while taxes declined by 4.7 % of GDP (from 19.5 % to 14.8 %). Spending increases (expressed as percentage of GDP) were in the following areas: Medicare and Medicaid (1.7 %), defense (1.6 %), income security such as unemployment benefits and food stamps (1.4 %), Social Security (0.6 %) and all other categories (1.2 %). Revenue reductions were individual income taxes (− 3.3 %), payroll taxes (− 0.5 %), corporate income taxes (− 0.5 %) and other (− 0.4 %).
when was the last time the us had a budget surplus
2001 2001