Hoover set the peacetime deficit record prior to FDR coming to office.
Deficits (in millions)
FY 1932 -2,735
FY 1933 -2,602
FY 1934 -3,586
FY 1935 -2,803
FY 1936 -4,304
FY 1937 -2,193
FY 1938 -89
FY 1939 -2,846
FY 1940 - -2,920
FY 1941 -4,941
FY 1942 -20,503
Tax receipts for the same period
1,924
1,997
2,955
3,609
3,923
5,387
6,751
6,295
6,548
8,712
14,634