During recessions, federal borrowing usually comes from us: Net lending (+) or borrowing (-) by household sector and federal government (billions), 2004–2007 and 2008–2011
| 2004–2007 | 2008–2011 | Change | |
|---|---|---|---|
| Households | -38.2 | 628.7 | 666.9 |
| Federal government | -376.9 | -1,251.1 | -874.3 |
Source: Bureau of Economic Analysis (BEA) National Income and Products Accounts, Table 5.1.