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Bush took office?

Apr 09, Apr 10, It is now becoming evident just how much damage the GW Bush budget deficit has done to the U.S. In part from the tax cuts of andwhich sharply reduced taxes on income, capital gains, and corporations, two wars and the Great Recession that began halfway through Bush's second term, the deficit now threatens not only our fiscal Author: Harlan Green. May 25, Bush came into office with an advantage few presidents have enjoyed -- abillion surplus. But due to atrillion tax cut inatrillion tax cut inand a massive defense buildup through the Iraq and Afghanistan wars, Bush Estimated Reading Time: 4 mins.

This fiscal situation is not a recent creation.

The massive tax cuts he himself had termed “voodoo economics” in the Republican primary had stimulated the U.S. economy but failed to increase tax revenues, while the Gramm-Rudman Deficit Reduction Act triggered automatic spending cuts.

Concern over the national debt was the chief substantive issue of the campaign, and Bush. tax cuts for taxpayers with income below, (for singles) or, (for married couples) for another year, but set a top income tax rate on qualified dividends of 20%.

The debate over the fate of the Bush tax cuts took place when the economy was underperforming, the unemployment rate was high, and the federal deficit was large.

Harry Truman and Bill Clinton are the only two president in that time to have 3 years of consecutive balanced budgets both were Democrats.

Historical Debt Outstanding - Annual - The first fiscal year for the U.S. Government started Jan. 1, Congress changed the beginning of the fiscal year from Jan. 1 to Jul. 1 inand finally from Jul.

1 to Oct. 1 in where it remains today. To find more historical information, visit The Public Debt Historical Information.