From 2008 to 2010, the tanking economy cost us about $490B in revenue. Legislative changes (tax cuts and spending) cost us about $509B.
Thanks for those numbers. I had a feeling the bad economy had something to do with it. However, I don’t understand the administration projecting $1 Trillion+ deficits as far as the eye can see, and then claiming they’re interested in deficit reduction. It doesn’t compute.
If the socialists get their way, we’re surely looking at a $25 Trillion debt by 2020.