Latest Headlines
Related Research

Understanding the Federal Deficit and the National Debt

The deficit is the gap between what the government spends and the revenues it collects each year. We didn’t always run deficits. When President Clinton left office, the federal budget was running a surplus of $236 billion, or about 2% of the U.S. economy. And that extra revenue was being used to pay down the national debt. To understand how we moved from big surpluses to a growing deficit, it’s helpful to examine each of the major factors driving our nation’s current deficits.

Download a PDF of Understanding the Federal Deficit and the National Debt

Download the Tables, Graphs, and Charts