Prior to the Great Depression deficits were unusual in the U.S. Budget surpluses occurred in over two-thirds of the years between 1800 and 1930
March 01, 2012
SOURCE: Data from the Office of Management and Budget, Budget of the United States Government: Fiscal Year 2014, Historical Tables, April 2013; Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2013 to 2023, February 2013; and the Historical Statistics of the United States, Millennial Edition Online, Cambridge 2006. Compiled by PGPF.
Debt and deficits naturally rise during times of economic stress and fall during times of economic prosperity. However, as shown in this chart, the largest deficits of the last 200 years have occurred during times of war. The deficit projected for 2012 is $1.2 trillion, or 7.6 percent of GDP.
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Where The Growth In Spending Comes From
The Growth of Entitlement Programs
The Size of Tax Expenditures
Debt Held by Foreign Lenders
Long Term Federal Revenue
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