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Pre-2005 Content Archive


CBO Figures Indicate Lower Revenues, Not Higher Spending, Account for the Large Deficit

Key Findings:

In 2004, as a share of the economy:

  • Federal revenues will fall to their lowest level since 1950, during the Truman Administration.
  • Federal spending will be lower than in every year from 1975 through 1996 (and thus will be lower than throughout the administrations of Presidents Carter and Reagan and the first President Bush).

In explaining the shift from a large surplus in 2000 to a large deficit in 2004, the drop in revenues since 2000 accounts for more than three times as much of the fiscal deterioration as the increase in expenditures.


 September 9, 2001State Responses to Tight Fiscal ConditionsShort-Term Fixes May Backfire if the Economy Does Not Soon Recover; Cyclical Downturn Masks Structural Problems...