Deficits are the gap between what the government takes in and what the government spends and when the government spends less than it takes in this creates a surplus.
President Clinton declared the budget balanced in 1998 but these figures included revenue from Social Security taxes and the Postal services and leaders from both parties have decided not to included that money in their annual budget discussions, if this revenue was included in future projections, the surplus would be more than $2. ...
Until now the budget has been in deficit for nearly three decades with the last balanced budget being in 1969. ... This was caused by a combination of increased spending – including social and military programs and lowering of tax rates. ...
The deficit began shrinking around 1992 largely due to economic growth following the recession of 90-91 and an increase in federal tax revenue.
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