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The carmakers' pension plans were jolted by the downturn, increased liabilities and other factors.
While some countries had already begun worrying about how much they were being asked to contribute to hit the emissions reduction goal, the economic downturn increased their concerns.
The administration's own budget numbers make clear that nearly 40percentt of the disappearing surplus is a result of the multiyear tax cut, with the remainder evaporating because of the economic downturn, increased spending and some accounting changes.
"Since emerging from their prior bankruptcy cases in 2010, the debtors continued to face significant challenges due to the prolonged economic downturn, increased competition from within the Atlantic City market and from neighboring states, and the lingering effects of Superstorm Sandy, all of which contributed to declining revenues," the company wrote.
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However, the East Midlands-based clothing company has also defied the downturn, increasing sales by 61 per cent in the past year.
Previous downturns showed that "a failure to take action at the start of the downturn has increased both the length and depth of the recession," Mr. Brown told business leaders on Monday.
The Fed's statement acknowledged the recent losses in the stock market and said that the risk of an economic downturn had increased somewhat.
"We have seen in previous recessions how a failure to take action at the start of the downturn has increased both the length and depth of the recession.
According to the C.B.O., the economic downturn has increased the budget deficit by about 2.5 percent of the gross domestic product annually since 2009.
The central bank, however, softened its tone slightly by giving some recognition to worsening conditions in financial markets, by adding a new phrase to its statement saying that the risk of an economic downturn has "increased somewhat".
The company attributed the filing partly to "a significant decline in advertising sales due to the recent economic downturn and increased competition in the local business advertising industry," court papers said.
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