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How Did We Get Back to Big Deficits (Diane Lim Rogers)

How Did We Get Back to Big Deficits (Diane Lim Rogers)

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Published by: National Press Foundation on Apr 08, 2011
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Diane Lim RogersThe Brookings InstitutionMay 2006
How Did We Get Back to Big Deficits?
(and What Can We Do About It?)
drogers@brookings.edu
 
F
ederal Revenue and Outlays
as a Percentage of GDP, 1965-2016)
Source:
FY 
2007 Budget of the United States Government, Historical Tables, 1.2; Brookings-UrbanTax Policy Center, Budget Outlook Tables, January 2006, Appendix 3
RevenuesOutlays
Average Revenues,(1965-2005)Average Outlays,(1965-2005)
1516171819202122232425
Percentage of GDP
PredictedActual
 
Source: Brookings-Urban Tax Policy Center, Budget Outlook Tables, January2006, Appendix Tables 2, 4
The Recent Tax Cuts Have Been Costly
Budgetary Impact of 2001-2004 Tax Cut Legislation
-800.0-700.0-600.0-500.0-400.0-300.0-200.0-100.00.02001 2003 2005 2007 2009 2011 2013 2015
(billions of current dollars)
Revenue Losses From Current Law Revenue Losses From ExtensionAdditional Debt Service

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