Federal Deficits still setting records!
Yes, the deficits have come down from in excess of over $1.0 Trillion to half that amount. But, they still remain at all time record highs prior to the Great Recession:
Deficits are growing in both percentage terms and absolute terms faster than the GDP.
The CBO projects deficits to start growing faster again as a percentage of GDP in 2016.
Federal Surpluses and Deficits
Here is the same chart with total tax receipts added in. Notice that tax receipts are almost at an all time high, but the deficits remain at 3-4 times any deficits prior to 2009.
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