Help me understand this biggest deficit in history that evryone likes to say we have now?

Question

From 1992 to 1998 ( the first 6 years of the previous administration) the federal deficit totaled $1.041 trillion.
From 2000 to 2006 ( the first 6 years of the current administration) the federal deficit totaled $901 billion.
So how can anyone say this is the biggest deficit ever?

THE BUDGET FOR FISCAL YEAR 2007, HISTORICAL TABLES

My source is above, the official budget figures for the government. It's right there in black and white.

Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–):

http://www.whitehouse.gov/omb/budget/fy2007/pdf/hist.pdf

So, everyone that has answered so far would rather believe other sources and not the official budget from the OMB?

This is a total of the annual federal deficit for the years mentioned.
I do know the difference between debt (total amount owed)and deficit ( amount spent over revenues)

josh, your figures are correct and I agree with them. But why don't you compare the first six years of each administration? The figures I have presented to you are FACT, straight from the true and official budget figures. It seems you'd like to ignore these FACTS ?

Answer 1

Yeah, it's interesting how people ignore facts they don't agree with.

Answer 2

Are you getting these figures from Fox News?

That is completely false. Clinton had a surplus and Bushy has a record deficit.

As much as you may want to believe it can't be happening, it's a fact. It's not up for discussion. It's not my opinion. It's a FACT.

In 1998 the Federal budget reported a surplus of $69 billion, the first surplus since 1969, and reduced Federal debt held by the public by over $50 billion. With continued prudent fiscal policies, the budget can remain in surplus for many years. The turnaround from deficit to surplus can be attributed to fiscal discipline and strong economic growth. The change from deficit to surplus is an important milestone

http://www.gpoaccess.gov/usbudget/fy00/guide04.html

The Congressional Budget Office predicted Thursday the fiscal 2006 federal deficit would fall to $260 billion, an improvement over the $318 billion deficit the previous year.

http://www.govexec.com/dailyfed/0806/081706cdpm1.htm

Answer 3

I'm not sure we you got your information, but according to factcheck.org you're a bit off.

They have a graph comparing deficits from 1980 to 2004, with the Clinton years highlighted in dark blue.

I downloaded the Excel spreadsheet and added the Clinton years and the Bush years (not including projections for 2008).

Clinton: -$483 billion
Bush: -$1798 billion

And for the last couple of years of the Clinton presidency there was a surplus. Bush is approaching 4 times the total deficit of the Clinton years.

I'm not sure where you got your information from, but it is certainly not correct.

~X~

Answer 4

There's a big difference between the DEBT and DEFICIT. You've mixed them up.

However, more important that either the debt as a percentage of the total budget. This number looks pretty good, compared to almost any time in the past.

Answer 5

Do not worry...as long the printing machines have ink to print new money the Federal Deficit does mean nothing.

Answer 6

you're clearly misreading what ever historical tables you're looking at... and when they say that, they are talking about debt... (they could accidentally say deficit even, but odds are, they are talking about debt)

Bush:
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

Clinton:
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htm

Answer 7

With what are you paying your soldiers in Iraq?
With peanuts?
And with what are they fighting?
With boomerangs?

Answer 8

you have to look at it through the eyes of sore losers.

Answer 9

My reference:
http://brillig.com/debt_clock/

Where is yours?