in late 2007 to early 2008, the economy would enter a particularly bad recession as a result of high oil and food prices, and a substantial credit crisis leading to the bankruptcy and eventual federal take over of certain large and well established mortgage providers. in an attempt to fix these economic problems, the united states federal government passed a series of costly economic stimulus and bailout packages. as a result of this, in fiscal year 2008, the deficit would increase to $455 billion and is projected to continue to increase dramatically for years to come due in part to both the severity of the current recession and the high-spending fiscal policy the federal government has adopted to help combat the nation's economic woes. as a result, the federal budget deficit increased to $1.2 trillion in fiscal year 2009, or 9.8% of the gross domestic product (gdp). over subsequent years both the economy and the deficit recovered to some extent, and the government enacted several laws with significant budget impact, including the affordable care act in 2010, the budget control act in 2011, and the american taxpayer relief act in 2012. the congressional budget office projected a $534 billion deficit in fiscal year 2016, or 2.9 percent of gdp. if current policy remains unchanged, the cbo projects the deficit will increase to 4.9 percent of gdp by 2026, or a cumulative total of $9.3 trillion over the period.