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Suppose that the Office of Management and Budget provides the estimates of federal budget receipts, federal...

Suppose that the Office of Management and Budget provides the estimates of federal budget receipts, federal budget spending, and GDP shown below, all expressed in billions of dollars. Calculate the implied estimates of the federal budget deficit as a percentage of GDP for each year. Year Federal Budget Receipts Federal Budget Spending GDP 2019 4,029.8 4,582.6 19,573.2 2020 4,102.4 4,641.6 20,316.0 2021 4,164.2 4,729.3 21,852.1 2022 4,113.5 4,800.1 22,454.4

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