That’s the share of the economy represented by the $744 billion federal budget deficit the Obama administration forecasts for the fiscal year that begins Oct. 1.
The administration, which released its fiscal 2014 budget proposal yesterday, estimates that the deficit in the current fiscal year will be $973 billion, or 6 percent of gross domestic product, according to the Office of Management and Budget.
The deficit as a share of the economy rose during the financial crisis to 10.1 percent of GDP in 2009 from 1.2 percent in 2007. It fell to 9 percent of GDP in 2010, to 8.7 percent in 2011 and 7 percent in 2012.
Obama calls for tax increases on wealthier taxpayers and revising the formula that calculates cost-of-living adjustments for Social Security and tax brackets.
“The budget blueprint renews Obama’s request to raise $580 billion in revenue over 10 years by limiting deductions and closing tax breaks used by top earners,” Bloomberg’s Roger Runningen and Mike Dorning reported.