Deficits & the Debt

Part 3: Deficits & the Debt

The following table contains estimates of U.S. government revenues and expenditures since 1948.

PRESIDENT
HOUSE
SENATE
Year
U.S. Government Revenues
(billions of dollars)
U.S. Government Expenses
(billions of dollars)
Budget Balance
(billions of dollars)
Federal Debt
(billions of dollars)
Truman (D)
Rep
Rep
1948
41.6
29.8
11.8
252.0
Truman (D)
Dem
Dem
1949
39.4
38.8
0.6
252.6
Truman (D)
Dem
Dem
1950
39.4
42.6
-3.1
256.9
Truman (D)
Dem
Dem
1951
51.6
45.5
6.1
255.3
Truman (D)
Dem
Dem
1952
66.2
67.7
-1.5
259.1
Eisenhower (R)
Rep
Rep
1953
69.6
76.1
-6.5
266.0
Eisenhower (R)
Rep
Rep
1954
69.7
70.9
-1.2
270.8
Eisenhower (R)
Dem
Dem
1955
65.5
68.4
-3.0
274.4
Eisenhower (R)
Dem
Dem
1956
74.6
70.6
3.9
272.7
Eisenhower (R)
Dem
Dem
1957
80.0
76.6
3.4
272.3
Eisenhower (R)
Dem
Dem
1958
79.6
82.4
-2.8
279.7
Eisenhower (R)
Dem
Dem
1959
79.2
92.1
-12.8
287.5
Eisenhower (R)
Dem
Dem
1960
92.5
92.2
0.3
290.5
Kennedy (D)
Dem
Dem
1961
94.4
97.7
-3.3
292.6
Kennedy (D)
Dem
Dem
1962
99.7
106.8
-7.1
302.9
Kennedy (D)
Dem
Dem
1963
106.6
111.3
-4.8
310.3
Johnson (D)
Dem
Dem
1964
112.6
118.5
-5.9
316.1
Johnson (D)
Dem
Dem
1965
116.8
118.2
-1.4
322.3
Johnson (D)
Dem
Dem
1966
130.8
134.5
-3.7
328.5
Johnson (D)
Dem
Dem
1967
148.8
157.5
-8.6
340.4
Johnson (D)
Dem
Dem
1968
153.0
178.1
-25.2
368.7

PRESIDENT
HOUSE
SENATE
Year
U.S. Government Revenues
(billions of dollars)
U.S. Government Expenses
(billions of dollars)
Budget Balance
(billions of dollars)
Federal Debt
(billions of dollars)
Nixon (R)
Dem
Dem
1969
186.9
183.6
3.2
365.8
Nixon (R)
Dem
Dem
1970
192.8
195.6
-2.8
380.9
Nixon (R)
Dem
Dem
1971
187.1
210.2
-23.0
408.2
Nixon (R)
Dem
Dem
1972
207.3
230.7
-23.4
435.9
Nixon (R)
Dem
Dem
1973
230.8
245.7
-14.9
466.3
Nixon/Ford (R)
Dem
Dem
1974
263.2
269.4
-6.1
483.9
Ford (R)
Dem
Dem
1975
279.1
332.3
-53.2
541.9
Ford (R)
Dem
Dem
1976
298.1
371.8
-73.7
629.0
transition quarter
Dem
Dem

81.2
96.0
-14.7
643.6
Carter (D)
Dem
Dem
1977
355.6
409.2
-53.7
706.4
Carter (D)
Dem
Dem
1978
399.6
458.7
-59.2
776.6
Carter (D)
Dem
Dem
1979
463.3
504.0
-40.7
829.5
Carter (D)
Dem
Dem
1980
517.1
590.9
-73.8
909.0
Reagan (R)
Dem
Rep
1981
599.3
678.2
-79.0
994.8
Reagan (R)
Dem
Rep
1982
617.8
745.7
-128.0
1,137.3
Reagan (R)
Dem
Rep
1983
600.6
808.4
-207.8
1,371.7
Reagan (R)
Dem
Rep
1984
666.5
851.9
-185.4
1,564.6
Reagan (R)
Dem
Rep
1985
734.1
946.4
-212.3
1,817.4
Reagan (R)
Dem
Rep
1986
769.2
990.4
-221.2
2,120.5
Reagan (R)
Dem
Dem
1987
854.4
1,004.1
-149.7
2,346.0
Reagan (R)
Dem
Dem
1988
909.3
1,064.5
-155.2
2,601.1
Bush (R)
Dem
Dem
1989
991.2
1,143.6
-152.5
2,753.6
Bush (R)
Dem
Dem
1990
1,032.0
1,253.2
-221.2
2,974.8
Bush (R)
Dem
Dem
1991
1,055.0
1,324.4
-269.3
3,244.1
Bush (R)
Dem
Dem
1992
1,091.3
1,381.7
-290.4
3,534.5
Clinton (D)
Dem
Dem
1993
1,154.4
1,409.5
-255.1
4,351.0
Clinton (D)
Dem
Dem
1994
1,258.6
1,461.9
-203.3
4,643.3
Clinton (D)
Rep
Rep
1995
1,351.8
1,515.8
-164.0
4,920.6
Clinton (D)
Rep
Rep
1996
1,453.1
1,560.5
-107.5
5,181.5
Clinton (D)
Rep
Rep
1997
1,579.3
1,601.3
-22.0
5,369.2
Clinton (D)
Rep
Rep
1998
1,721.8
1,652.6
69.2
5,478.2
Clinton (D)
Rep
Rep
1999
1,827.5
1,701.9
125.6
5,605.5
Clinton (D)
Rep
Rep
2000
2,025.2
1,788.8
236.4
5,628.7
Bush (R)
Rep
Dem
2001
1,991.2
1,863.9
127.3
5,769.9
Bush (R)
Rep
Dem
2002
1,853.2
2,011.0
-157.8
6,198.4
Bush (R)
Rep
Rep
2003
1,782.3
2,157.6
-375.3
6,573.7
Bush (R)
Rep
Rep
2004 estimates
1,798.1
2,318.8
-520.7
7,094.4
Bush (R)
Rep
Rep
2005 estimates
2,036.3
2,399.8
-363.6
7,458.0
Source - http://www.gpoaccess.gov/usbudget/fy05/sheets/b80.xls

The U.S. federal budget balance is the difference between U.S. government revenues and U.S. government expenditures.

U.S. federal budget balance =
U.S. government revenues – U.S. government expenditures

If the budget balance is positive, it is called a budget surplus. Thus, a budget surplus is an excess of government receipts over government spending.

If the budget balance is negative, it is called a budget deficit. Thus, a budget deficit is an excess of government spending over government receipts.

The public debt is the accumulation of deficits and surpluses over time. It includes all Federal debt held by individuals, corporations, state or local governments, foreign governments, and other entities outside of the United States Government less Federal Financing Bank securities. Types of securities held by the public include, but are not limited to, Treasury Bills, Treasury Notes, Treasury Bonds, United States Savings Bonds, State and Local Government Series, Foreign Series, and Domestic Series.

An estimate of the current value of the U.S. public debt is available from the U.S. Treasury.[7] As of November 24, 2004, the U.S. public debt was $7,517,849,423,608.38.

Having a large public debt increases the obligations of the federal government. The federal government must pay interest on the money it borrows. One way to reduce overall government expenditures would be to pay down the public debt.