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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.
Gross US Federal Debt as a Percentage of GDP, by political party of President Debt held by the public reached a high of 49.5% of GDP at the beginning of President Clinton 's first term. However, it fell to 34.5% of GDP by the end of Clinton's presidency due in part to decreased military spending, increased taxes (in 1990 , 1993 and 1997 ), and ...
According to the Treasury report in October 2018, summarized by Business Insider's Bob Bryan, the U.S. federal budget deficit rose as a result of the Tax Cuts and Jobs Act of 2017 [16] signed into law by President Donald Trump on December 22, 2017 [71] and the Consolidated Appropriations Act, 2018 signed into law on March 23, 2018.
For example, even with entitlement spending the federal deficit under President Trump was $0.67 trillion in 2017, $0.78 trillion in 2018, and $0.98 trillion in 2019. Biden’s annual deficits, in ...
The president's economic aides put together a massive report on the economy every year. It's a 400-plus-page tome outlining where we've been, where we are, and where we might be heading next. Does ...
Contrast that with the 12 years under Presidents Ronald Reagan and George H. W. Bush (mostly with a hostile or partly hostile Congress), which averaged a 4% deficit due to defense spending ...
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.
The federal deficit under President Donald Trump totaled $984 billion when the fiscal year came to a close last month, inching ever closer to $1 trillion, new Treasury Department data shows. The ...