![]() ![]() "The timing point is more down to luck than the effect of legislation," Michael Pearce, senior US economist at Capital Economics, told Newsweek. Bush (L), former President Bill Clinton (2nd R) and former President Jimmy Carter (R) in the Oval Office of the White House in Washington, DC, on January 7, 2009. Bush (C) stands with President-elect Barack Obama (2nd L), former President George H.W. On the surface, the original claim appears to be accurate-if run against the federal budget deficit as recorded over the past 50 years, which is tracked by the Office of Management and Budget. This borrowing forms the national debt, and as deficits accrue over a period of time the debt accumulates. When a government records a deficit, it borrows money to plug the gap between income and expenditure. Revenues tend to be sourced from federal income taxes, while the expenses go towards federal funding and government benefits. Alex Wong/Getty ImagesĪ budget deficit occurs when expenses exceed revenue and indicate the financial health of a country. A 2016 viral image claims these were the only two presidents in 50 years to lower the budget deficit. President Barack Obama (L) on stage during day two of the Democratic National Convention at Time Warner Cable Arena on Septemin Charlotte, North Carolina. President Bill Clinton stands with Democratic presidential candidate, U.S. ![]()
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