Fiscal policy has become sharply contractionary in the past year: Change in net lending by the federal government as a % of GDP
| Quarter | Change in lending |
|---|---|
| 1961Q1 | -2.1% |
| 1961Q2 | -1.9% |
| 1961Q3 | -1.6% |
| 1961Q4 | -0.9% |
| 1962Q1 | -0.3% |
| 1962Q2 | 0.0% |
| 1962Q3 | 0.0% |
| 1962Q4 | -0.1% |
| 1963Q1 | 0.1% |
| 1963Q2 | 0.4% |
| 1963Q3 | 0.8% |
| 1963Q4 | 0.8% |
| 1964Q1 | 0.4% |
| 1964Q2 | -0.3% |
| 1964Q3 | -0.7% |
| 1964Q4 | -0.6% |
| 1965Q1 | 0.1% |
| 1965Q2 | 0.8% |
| 1965Q3 | 0.9% |
| 1965Q4 | 0.5% |
| 1966Q1 | -0.2% |
| 1966Q2 | -0.5% |
| 1966Q3 | -0.4% |
| 1966Q4 | -0.3% |
| 1967Q1 | -0.7% |
| 1967Q2 | -1.2% |
| 1967Q3 | -1.5% |
| 1967Q4 | -1.1% |
| 1968Q1 | -0.3% |
| 1968Q2 | 0.2% |
| 1968Q3 | 1.0% |
| 1968Q4 | 1.2% |
| 1969Q1 | 1.7% |
| 1969Q2 | 1.9% |
| 1969Q3 | 1.5% |
| 1969Q4 | 0.9% |
| 1970Q1 | -0.4% |
| 1970Q2 | -1.4% |
| 1970Q3 | -2.3% |
| 1970Q4 | -2.6% |
| 1971Q1 | -2.1% |
| 1971Q2 | -1.7% |
| 1971Q3 | -1.0% |
| 1971Q4 | -0.5% |
| 1972Q1 | -0.1% |
| 1972Q2 | 0.3% |
| 1972Q3 | 0.7% |
| 1972Q4 | 0.7% |
| 1973Q1 | 0.8% |
| 1973Q2 | 0.8% |
| 1973Q3 | 1.0% |
| 1973Q4 | 1.4% |
| 1974Q1 | 1.1% |
| 1974Q2 | 1.2% |
| 1974Q3 | 0.4% |
| 1974Q4 | -0.2% |
| 1975Q1 | -1.4% |
| 1975Q2 | -3.4% |
| 1975Q3 | -4.0% |
| 1975Q4 | -4.0% |
| 1976Q1 | -1.9% |
| 1976Q2 | 0.5% |
| 1976Q3 | 1.7% |
| 1976Q4 | 2.0% |
| 1977Q1 | 1.1% |
| 1977Q2 | 0.9% |
| 1977Q3 | 0.8% |
| 1977Q4 | 0.7% |
| 1978Q1 | 0.4% |
| 1978Q2 | 0.4% |
| 1978Q3 | 0.5% |
| 1978Q4 | 1.0% |
| 1979Q1 | 1.4% |
| 1979Q2 | 1.4% |
| 1979Q3 | 1.1% |
| 1979Q4 | 0.5% |
| 1980Q1 | 0.0% |
| 1980Q2 | -0.8% |
| 1980Q3 | -1.5% |
| 1980Q4 | -1.6% |
| 1981Q1 | -0.9% |
| 1981Q2 | 0.0% |
| 1981Q3 | 0.8% |
| 1981Q4 | 0.6% |
| 1982Q1 | -0.3% |
| 1982Q2 | -1.4% |
| 1982Q3 | -2.2% |
| 1982Q4 | -2.5% |
| 1983Q1 | -2.6% |
| 1983Q2 | -2.0% |
| 1983Q3 | -1.4% |
| 1983Q4 | -0.4% |
| 1984Q1 | 0.4% |
| 1984Q2 | 0.8% |
| 1984Q3 | 1.0% |
| 1984Q4 | 0.5% |
| 1985Q1 | 0.5% |
| 1985Q2 | -0.1% |
| 1985Q3 | -0.1% |
| 1985Q4 | -0.2% |
| 1986Q1 | -0.1% |
| 1986Q2 | 0.0% |
| 1986Q3 | -0.3% |
| 1986Q4 | 0.1% |
| 1987Q1 | 0.1% |
| 1987Q2 | 0.9% |
| 1987Q3 | 1.4% |
| 1987Q4 | 1.5% |
| 1988Q1 | 1.3% |
| 1988Q2 | 0.7% |
| 1988Q3 | 0.7% |
| 1988Q4 | 0.5% |
| 1989Q1 | 0.8% |
| 1989Q2 | 0.7% |
| 1989Q3 | 0.5% |
| 1989Q4 | 0.2% |
| 1990Q1 | -0.2% |
| 1990Q2 | -0.4% |
| 1990Q3 | -0.5% |
| 1990Q4 | -0.6% |
| 1991Q1 | -0.3% |
| 1991Q2 | -0.4% |
| 1991Q3 | -0.4% |
| 1991Q4 | -0.7% |
| 1992Q1 | -1.2% |
| 1992Q2 | -1.1% |
| 1992Q3 | -1.1% |
| 1992Q4 | -0.7% |
| 1993Q1 | -0.3% |
| 1993Q2 | 0.1% |
| 1993Q3 | 0.6% |
| 1993Q4 | 0.9% |
| 1994Q1 | 1.1% |
| 1994Q2 | 1.3% |
| 1994Q3 | 1.4% |
| 1994Q4 | 1.1% |
| 1995Q1 | 0.7% |
| 1995Q2 | 0.4% |
| 1995Q3 | 0.4% |
| 1995Q4 | 0.5% |
| 1996Q1 | 0.6% |
| 1996Q2 | 0.7% |
| 1996Q3 | 0.7% |
| 1996Q4 | 1.0% |
| 1997Q1 | 1.3% |
| 1997Q2 | 1.5% |
| 1997Q3 | 1.5% |
| 1997Q4 | 1.2% |
| 1998Q1 | 1.1% |
| 1998Q2 | 1.0% |
| 1998Q3 | 1.1% |
| 1998Q4 | 1.0% |
| 1999Q1 | 1.0% |
| 1999Q2 | 0.8% |
| 1999Q3 | 0.6% |
| 1999Q4 | 0.5% |
| 2000Q1 | 0.6% |
| 2000Q2 | 0.7% |
| 2000Q3 | 0.9% |
| 2000Q4 | 0.7% |
| 2001Q1 | 0.3% |
| 2001Q2 | -0.1% |
| 2001Q3 | -1.3% |
| 2001Q4 | -1.8% |
| 2002Q1 | -2.8% |
| 2002Q2 | -3.0% |
| 2002Q3 | -2.9% |
| 2002Q4 | -2.6% |
| 2003Q1 | -1.8% |
| 2003Q2 | -1.7% |
| 2003Q3 | -1.4% |
| 2003Q4 | -1.3% |
| 2004Q1 | -1.1% |
| 2004Q2 | -0.4% |
| 2004Q3 | 0.2% |
| 2004Q4 | 0.6% |
| 2005Q1 | 0.8% |
| 2005Q2 | 0.8% |
| 2005Q3 | 0.7% |
| 2005Q4 | 0.7% |
| 2006Q1 | 0.7% |
| 2006Q2 | 0.8% |
| 2006Q3 | 0.9% |
| 2006Q4 | 1.0% |
| 2007Q1 | 0.8% |
| 2007Q2 | 0.4% |
| 2007Q3 | -0.1% |
| 2007Q4 | -0.5% |
| 2008Q1 | -0.9% |
| 2008Q2 | -1.9% |
| 2008Q3 | -2.3% |
| 2008Q4 | -3.3% |
| 2009Q1 | -4.3% |
| 2009Q2 | -5.2% |
| 2009Q3 | -5.6% |
| 2009Q4 | -4.5% |
| 2010Q1 | -3.1% |
| 2010Q2 | -1.1% |
| 2010Q3 | 0.0% |
| 2010Q4 | 0.5% |
| 2011Q1 | 0.9% |
| 2011Q2 | 1.0% |
| 2011Q3 | 1.1% |
| 2011Q4 | 0.9% |
| 2012Q1 | 1.0% |
| 2012Q2 | 1.3% |
| 2012Q3 | 1.6% |
| 2012Q4 | 1.7% |
| 2013Q1 | 2.0% |
| 2013Q2 | 2.8% |
| 2013Q3 | 3.1% |
| 2013Q4 | 3.4% |
| 2014Q1 | 2.6% |
| 2014Q2 | 1.6% |
| 2014Q3 | 0.7% |
| 2014Q4 | 0.1% |
| 2015Q1 | 0.1% |
| 2015Q2 | 0.2% |
| 2015Q3 | 0.5% |
| 2015Q4 | 0.7% |
| 2016Q1 | 0.2% |
| 2016Q2 | -0.3% |
| 2016Q3 | -0.6% |
| 2016Q4 | -0.7% |
| 2017Q1 | -0.5% |
| 2017Q2 | -0.5% |
| 2017Q3 | -0.3% |
| 2017Q4 | 1.2% |
| 2018Q1 | 1.2% |
| 2018Q2 | 1.0% |
| 2018Q3 | -0.6% |
| 2018Q4 | -2.2% |
| 2019Q1 | -2.2% |
| 2019Q2 | -2.2% |
| 2019Q3 | -0.7% |
| 2019Q4 | -0.6% |
| 2020Q1 | -0.5% |
| 2020Q2 | -7.8% |
| 2020Q3 | -11.3% |
| 2020Q4 | -12.6% |
| 2021Q1 | -9.8% |
| 2021Q2 | -1.8% |
| 2021Q3 | 1.6% |
| 2021Q4 | 7.4% |
| 2022Q1 | 8.7% |
| 2022Q2 | 10.0% |
Notes: The data are rolling 3-quarter average of changes in net lending/borrowing as a share of GDP compared to the same quarter a year ago. A positive number means the federal government is borrowing less than in previous years.
Source: Data from Table 4.1 from the National Income and Product Accounts (NIPA) of the Bureau of Economic Analysis (BEA).