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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.
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%);
The first president, George Washington, won a unanimous vote of the Electoral College. [4] Grover Cleveland served two non-consecutive terms and is therefore counted as the 22nd and 24th president of the United States, giving rise to the discrepancy between the number of presidencies and the number of individuals who have served as president. [5]
Clinton presided over a relatively peaceful period without any major conflicts to upset the economy, and his term is looked at positively in terms of economic stability. George W. Bush (2001-09 ...
President Obama announced a 10-year (2012–2021) plan in September 2011 called: "Living Within Our Means and Investing in the Future: The President's Plan for Economic Growth and Deficit Reduction." The plan included tax increases on the wealthy, along with cuts in future spending on defense and Medicare.
President Barack Obama makes a statement in the Brady Press Briefing Room at the White House announcing a deal that resolved the US debt ceiling crisis. July 31, 2011. On July 31, 2011, President Obama announced that the leaders of both parties in both chambers had reached an agreement that would reduce the deficit and avoid default. [101]
California Gov. Gavin Newsom has proposed a $322 billion budget without a deficit, a welcome change after two years of significant budget shortfalls in the nation's most populous state. About a ...
The CBO estimated that more tariff revenue would help shrink the federal budget deficit by $2.7 trillion from fiscal years 2025 to 2034. ... President-elect Donald Trump ... That dip would be even ...