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Efforts To Reduce The Deficit Essay

962 words - 4 pages

Thomas Jefferson once stated, "I place economy among the first and most important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt"(Billington, 2010, p. 77).The steadily rising rate of the United States national debt has been an issue for over three decades. This began in the year 1980, and within the first thirteen years, the size of the national debt tripled due to the steady increase of the budget deficit. Since then, the debt has been creeping up, and has climbed to a stifling addition of $500 billion or more added each year. Both of these numbers for the national debt and budget deficit are not only ...view middle of the document...

But, by 1992 the deficit was becoming a real concern to citizens. During that election time, the Clinton Administration suggested a program to reduce the deficit that consisted of tax incresses and spending cuts that would cut the deficit by $500 billion in five years. In addition, the “Budget Enforcement Act of 1990” was passed, as well as the “omnibus Budget Reconciliation Act of 1990” to aide in the budget reducation. The combination of these actions had the federal budget at a surplus for the first time since 1969, then it doubled in 1999, and again in 2000 (Amcher, 2012). This was considered the “Golden Era” of the 1990’s and it was the “longest period of consistently positive growth in U.S. history”(Amacher, 2012).
Unfortunately what goes up must come down, and in the early 2000’s there was a stifling increase in governemtn spending due to a number of factors such as, the dot-com bubble burst, the attack on the World Trade Center on September 11th, 2001, and military spending in Afghanistan and Iraq. As a result of this spending, the United States was once again in a budget deficit. The deficit went from being a surplus of $236 in the fiscal year of 2000, to a $413 deficit in 2004(Amacher, 2012). In 2007, things had slightly improved as the deficit was reduced to half of what it was in 2004. Then once again, things took a turn and the economy entered the worst downturn since the Great Depression, called the Great Recession which lasted from December 2007 to June 2009. Once again Congress tried to fix these problems, an issued a $700 billion dollar bank bailout called the “Emergency Economic Stabilization Act of 2008”, and a $787 billion dollar stimulus package called the “American Recovery and Reinvestment Act of 2009” which allotted the money to put back into important incentives such as...

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