In 2018, feds spent ~20.3% of GDP
Deficit would have been ~0.3% GDP w/Clinton-2000-era tax $
=*<$100 billion deficit.*
After a succession of tax cuts, revenue has dropped to 16.5% GDP.
Deficit? $779 billion.
But tax cuts as scored by CBO are big part of deficit: Fiscal Cliff deal which extended most of the Bush tax cuts scored as ~$400B deficit for fiscal 2018 alone.
Trump tax law scored as $135B cut in '18; $280B in '19
Annual financial report of USA finds a $49 trillion, 75-year gap between Medicare/Social Security costs & revenue.
fiscal.treasury.gov/fsreports/rpt/…
*Wars
*Medicare Part D
*Disasters
*Stimulus