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The average deficit forecast in each of those years as of June 2009 was approximately $1,215 billion (~$1.68 trillion in 2023). The New York Times analyzed this roughly $2 trillion "swing", separating the causes into four major categories along with their share: Recessions or the business cycle (37%); Policies enacted by President Bush (33%);
Since 1981, federal budget deficits have increased under Republican presidents Ronald Reagan, both Bushes, and Trump, while deficits have declined under Democratic presidents Clinton and Obama. The economy ran surpluses during Clinton's last four fiscal years, the first surpluses since 1969.
John Tyler was the first vice president to assume the presidency during a presidential term, setting the precedent that a vice president who does so becomes the fully functioning president with a new, distinct administration. [13] Throughout most of its history, American politics has been dominated by political parties. The Constitution is ...
The CBO estimated that more tariff revenue would help shrink the federal budget deficit by $2.7 trillion from fiscal years 2025 to 2034.
The deficit last fiscal year was about $1.8 trillion. Billionaire Elon Musk, now an advisor to President-elect Donald Trump, lamented the debt, which is about $36 trillion, on X Monday.
The U.S. reported budget surpluses in only four years between 1970–2020, during fiscal years 1998–2001, the last four years budgeted by President Bill Clinton. These surpluses are attributed to a combination of a booming economy, higher taxes implemented in 1993, spending restraint, and capital gains tax revenues.
The U.S. government posted an $87 billion budget deficit in December, reduced partly by a shift of benefit payments into November but capping a record $711 billion deficit for the first three ...
The Republican majority in Congress demanded deficit reduction as part of raising the debt ceiling. The resulting contention was resolved on August 2, 2011, by the Budget Control Act of 2011. Under the "McConnell Rule," the president was allowed to unilaterally raise the debt ceiling.