The real total deficit, the gross national deficit, is still near a record high. That’s not normal. Why this matters: Bush almost cut “deficit lite” in half, but the real total deficit is still taking billions from Social Security. more.
Deficit “lite” vs. the gross deficit The. Mar 11, IE 11 is not supported. For an optimal experience visit our site on another browser. May 25, After the financial crisis emerged last fall and the ensuing bailouts, Bush's budget deficit ballooned to over 1 trillion. As Center for American Progress Vice President for Economic Policy Michael Ettlinger explained, budget deficits swelled under Bush because his supply-side tax policies slashed revenues while failing to deliver strong economic bushcutter.buzzted Reading Time: 4 mins.
And the deficit under President Bush dropped dramatically. I think it peaked at and-some-odd billion and then dropped to aroundbillion in fiscal year ending ' May 03, That makes the deficit by year less than what's added to the debt by year. For example,trillion was added to the national debt under President Obama. 16 But his total budget deficits totaledtrillion. 6. Similarly, President Bush's stated budget deficits totaledtrillion. But Bush addedtrillion to the debt. Jun 15, A New Analysis of Congressional Budget Office Projections and the Role of Bush-Era Tax and Spending Policies.
Washington, DC, June 15, - Contrary to recent reports which assign the lion’s share of the current federal budget deficit to Bush-era tax cuts, a new analysis from the Tax Foundation finds that the growth in federal spending, both on-budget.