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Although spending and loan guarantees from the Federal Reserve and the Treasury Department authorized by the Bush and Obama administrations totaled about $11.5 trillion, only $3 trillion had been spent by the end of November 2009.[166] However, Obama and the Congressional Budget Office predicted that the 2010 budget deficit will be $1.5 trillion or 10.6% of the nation's gross domestic product (GDP) compared to the 2009 deficit of $1.4 trillion or 9.9% of GDP.[167][168] For 2011, the administration predicted the deficit will slightly shrink to $1.34 trillion, while the 10-year deficit will increase to $8.53 trillion or 90% of GDP.[169] The most recent increase in the U.S. debt ceiling to $16.4 trillion was signed into law on January 26, 2012.[170] On August 2, 2011, after a lengthy congressional debate over whether to raise the nation's debt limit, Obama signed the bipartisan Budget Control Act of 2011. The legislation enforces limits on discretionary spending until 2021, establishes a procedure to increase the debt limit, creates a Congressional Joint Select Committee on Deficit Reduction to propose further deficit reduction with a stated goal of achieving at least $1.5 trillion in budgetary savings over 10 years, and establishes automatic procedures for reducing spending by as much as $1.2 trillion if legislation originating with the new joint select committee does not achieve such savings.[171] By passing the legislation, Congress was able to prevent a U.S. government default on its obligations.[172]As it did throughout 2008, the unemployment rate rose in 2009, reaching a peak in October at 10.0% and averaging 10.0% in the fourth quarter. Following a decrease to 9.7% in the first quarter of 2010, the unemployment rate fell to 9.6% in the second quarter, where it remained for the rest of the year.[175] Between February and December 2010, employment rose by 0.8%, which was less than the average of 1.9% experienced during comparable periods in the past four employment recoveries.[176] By November 2012, the unemployment rate fell to 7.7%.[177] GDP growth returned in the third quarter of 2009, expanding at a rate of 1.6%, followed by a 5.0% increase in the fourth quarter.[178] Growth continued in 2010, posting an increase of 3.7% in the first quarter, with lesser gains throughout the rest of the year.[178] In July 2010, the Federal Reserve expressed that although economic activity continued to increase, its pace had slowed, and Chairman Ben Bernanke stated that the economic outlook was "unusually uncertain."[179] Overall, the economy expanded at a rate of 2.9% in 2010.[180]
Although spending and loan guarantees from the Federal Reserve and the Treasury Department authorized by the Bush and Obama administrations totaled about $11.5 trillion, only $3 trillion had been spent by the end of November 2009.[166] However, Obama and the Congressional Budget Office predicted that the 2010 budget deficit will be $1.5 trillion or 10.6% of the nation's gross domestic product (GDP) compared to the 2009 deficit of $1.4 trillion or 9.9% of GDP.[167][168] For 2011, the administration predicted the deficit will slightly shrink to $1.34 trillion, while the 10-year deficit will increase to $8.53 trillion or 90% of GDP.[169] The most recent increase in the U.S. debt ceiling to $16.4 trillion was signed into law on January 26, 2012.[170] On August 2, 2011, after a lengthy congressional debate over whether to raise the nation's debt limit, Obama signed the bipartisan Budget Control Act of 2011. The legislation enforces limits on discretionary spending until 2021, establishes a procedure to increase the debt limit, creates a Congressional Joint Select Committee on Deficit Reduction to propose further deficit reduction with a stated goal of achieving at least $1.5 trillion in budgetary savings over 10 years, and establishes automatic procedures for reducing spending by as much as $1.2 trillion if legislation originating with the new joint select committee does not achieve such savings.[171] By passing the legislation, Congress was able to prevent a U.S. government default on its obligations.[172]As it did throughout 2008, the unemployment rate rose in 2009, reaching a peak in October at 10.0% and averaging 10.0% in the fourth quarter. Following a decrease to 9.7% in the first quarter of 2010, the unemployment rate fell to 9.6% in the second quarter, where it remained for the rest of the year.[175] Between February and December 2010, employment rose by 0.8%, which was less than the average of 1.9% experienced during comparable periods in the past four employment recoveries.[176] By November 2012, the unemployment rate fell to 7.7%.[177] GDP growth returned in the third quarter of 2009, expanding at a rate of 1.6%, followed by a 5.0% increase in the fourth quarter.[178] Growth continued in 2010, posting an increase of 3.7% in the first quarter, with lesser gains throughout the rest of the year.[178] In July 2010, the Federal Reserve expressed that although economic activity continued to increase, its pace had slowed, and Chairman Ben Bernanke stated that the economic outlook was "unusually uncertain."[179] Overall, the economy expanded at a rate of 2.9% in 2010.[180]
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