For the calendar year, we had a very large fiscal contraction. So we cut the deficit by about $200 billion. The important number is the deficit to GDP. So Calendar year 2024 was 6.9%, the highest we've ever had when the US was not at war or not in a recession. recession. So 6.9%. Calendar year 2025, 5.4%. I have called for getting that number down to 3% by the end of President Trump's term. And I think we're on the way. (09:10–09:16)
CLAIM
Asserts that the U.S. deficit to GDP ratio was 6.9% in 2024, the highest outside of war or recession.
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