Earlier this week, the Congressional Budget Office reported that the national deficit will exceed $1 trillion dollars- a hefty sum.
How did this happen again with so much talk from political leaders about being more fiscally responsible?
The Center for American Progress just released a brief that examines the core reasons behind the deficit and you may be surprised at what they found.
The biggest drivers of the deficit were revenue losses and increased spending between 2007 and the start of 2009. The single largest factor in the loss of revenue wasn’t the Great Recession – though important – but the Bush tax cuts.
Read the brief here.