A history of deficits
In President Clinton’s last full year in office (2000), the federal budget was roughly $1.8 trillion dollars. When President Bush was inaugurated in January 2001, his administration received the previous year’s $236 billion dollar budgetary surplus. By fiscal year (FY) 2010, a mere decade later, the United States’ budget had doubled to nearly $3.6 trillion, and incurred a $1.6 trillion budget deficit. A budget deficit is the difference between outlays (expenditures) and income for a single fiscal year.
August 4, 2010