How Projected Surpluses Became Deficits

In sum, tax cuts, increased defense and security funding, and a dose of economic cold water are, in order, the three key reasons that the large ...

How Did Federal Surpluses Become Huge Deficits? - Mercatus Center

Roughly half of the reason the surpluses never materialized is that federal spending was subsequently increased (over half of this total increase was ...

A Surplus, If We Can Keep It: How the Federal Budget Surplus ...

Congress and the president cannot balance the budget when national output is declining and unemployment is soaring. Budget receipts are highly sensitive to ...

From Riches to Rags: Causes of Fiscal Deterioration Since 2001

surplus and was projected to pay off the national debt by 2009 ... Since 2001, the United States turned a modest budget surplus into a ...

CRS Examines Swing in Budget From Surpluses to Deficits

As seen in Table 1, CBO projected a 2006 budget surplus of $505 billion under the policies in place in January 2001. The actual budget deficit in 2006 turned ...

Surplus to deficit: How we got here - POLITICO

George W. Bush X 2 = Barack Obama in both extra spending — and tax cuts. It's a crude but fair summary of the two presidents based on new ...

Projecting Budget Surpluses - San Francisco Fed

The budget picture continued to improve–the $5 billion deficit projected for 1998 turned out to be off by $75 billion, with the federal ...

How the U.S. Surplus Became a Deficit - The New York Times

The Congressional Budget Office estimated then that the government would run an average annual surplus of more than $800 billion a year from ...

How CA's bursting budget became a $45 billion deficit - CalMatters

A major miscalculation in revenue forecasting allowed Gavin Newsom to boast of a California budget surplus that never actually materialized.

Ignore the big numbers — surpluses can quickly become deficits

Moreover, summing accrued and anticipated savings doesn't make a ton of sense and neither does the notion that revenues exceeding current ...

The U.S. National Debt Dilemma | Council on Foreign Relations

How did the debt get where it is today? ... The United States has run annual deficits—spending more than the Treasury Department collects in taxes ...

The Story of the Surplus - Hoover Institution

Deficit reduction appeared on the national stage when it became a central issue of the 1992 presidential campaign. But even before that, the high ...

How Did Surpluses Become Deficits? | National Review

The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts. Together, ...

Opinion | How the Deficit Got This Big - The New York Times

In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses, ...

Should We Spend Budget Surpluses Even Before They Occur?

Such projections must be treated with considerable care, as even modest changes in growth rates can move modest surpluses into significant deficits or even ...

Deficit Tracker - Bipartisan Policy Center

Although the deficit has reverted to pre-pandemic levels as the United States winds down pandemic spending, deficits are projected to grow significantly over ...

The three best charts on how Clinton's surpluses became Bush and ...

E21: "Roughly half of the reason the surpluses never materialized is that federal spending was subsequently increased (over half of this total ...

Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio

Both revenues and spending are lower than earlier projections, meaning low revenues are responsible for persistent primary deficits · The United ...

Economic Issues 3--Confronting Budget Deficits

Government budget deficits (the excess of spending over revenue) in industrial countries have been growing as a percent of GDP for the past 20 years.

Surpluses or Deficits, Projections of a Large Budget Surplus Are ...

All projections are wrong, but the question is by how much. CBO found that, on average, its own projections of the budget deficit or surplus for ...