Suppose that the Office of Management and Budget provides the estimates of federal budget receipts, federal budget spending, and GDP at the right, all expressed in billions of dollars. Calculate the implied estimates of the federal budget deficit as a percentage of GDP for each year.

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Federal Federal Budget Spending Budget Year Receipts 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 4,800.1 2022 4,113.5 22,454.4