Preliminary Analysis of the President’s Budget Request for 2009, March 3, 2008: “CBO’s analysis indicates the following: B If the President’s proposals were enacted, the federal government would record deficits of $396 billion in 2008 and $342 billion in 2009. Those deficits would amount to 2.8 percent and 2.3 percent, respectively, of gross domestic product(GDP). By comparison, the deficit in 2007 totaled 1.2 percent of GDP.”