Federal Deficit, over time
What was happening
1Dot-com stocks peakMar 10, 2000
Technology stocks peak and then fall sharply through 2002. The Federal Reserve has linked the 2001 recession largely to the end of the dot-com boom. Source: Federal Reserve Board (Bernanke, 2010) ↗
22001 recessionMar–Nov 2001
An eight-month recession by NBER dates. The Federal Reserve has traced it largely to the end of the dot-com boom and the sharp fall in stock prices. Source: National Bureau of Economic Research ↗
3September 11 attacksSep 11, 2001
Terrorist attacks on New York and Washington, D.C., during the 2001 recession, followed by the wars in Afghanistan and Iraq and the creation of the Department of Homeland Security. Source: National Commission on Terrorist Attacks (9/11 Commission) ↗
4Great RecessionDec 2007–Jun 2009
An 18-month recession by NBER dates, the longest since World War II, following the collapse of the housing market and a financial crisis. Source: National Bureau of Economic Research ↗
5Lehman Brothers collapsesSep 15, 2008
The largest bankruptcy in U.S. history marks the most acute phase of the financial crisis. Source: Federal Reserve History ↗
6Recovery Act signedFeb 17, 2009
The American Recovery and Reinvestment Act provides roughly $800 billion in spending and tax cuts. Source: Congress.gov (H.R. 1, 111th Congress) ↗
7Tax Cuts and Jobs Act signedDec 22, 2017
Cuts the corporate tax rate from 35% to 21% and lowers individual income tax rates. Source: Congress.gov (H.R. 1, 115th Congress) ↗
8COVID-19 recessionFeb–Apr 2020
The shortest recession on record by NBER dates: two months, February to April 2020. Source: National Bureau of Economic Research ↗
9COVID-19 national emergencyMar 13, 2020
A national emergency is declared as the pandemic spreads; lockdowns and business closures follow. The public health emergency lasts until May 11, 2023. Source: Federal Register (Proclamation 9994) ↗
10CARES Act signedMar 27, 2020
A $2.2 trillion pandemic relief package. Source: Congress.gov (H.R. 748, 116th Congress) ↗
11American Rescue Plan signedMar 11, 2021
A $1.9 trillion pandemic relief package. Source: Congress.gov (H.R. 1319, 117th Congress) ↗
U.S. Department of the Treasury · Monthly Treasury Statement, Table 1; OMB Historical Tables, Table 1.1 (before FY2015) · Monthly (12-month total); fiscal years before 2015 · Original source