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→The Reagan era
The [[George W. Bush]] policy was to return the surplus to taxpayers by lowering federal income taxes, even as spending increased, especially for the Iraq war. Democrats attacked the Bush policy as a violation of fiscal conservatism. When the [[Financial Crisis of 2008]] hammered the nation, Bush pushed through spending increases and stimuluses, as well as tax cuts very expensive bailouts of major banks. The result was that the deficit soared and fiscal conservatives soured on Bush.
The [[George W. Bush]] policy was to return the surplus to taxpayers by lowering federal income taxes, even as spending increased, especially for the Iraq war. Democrats attacked the Bush policy as a violation of fiscal conservatism. When the [[Financial Crisis of 2008]] hammered the nation, Bush pushed through spending increases and stimuluses, as well as tax cuts very expensive bailouts of major banks. The result was that the deficit soared and fiscal conservatives soured on Bush.
== National debt of the United States ==
''See also:'' [[National debt of the United States]]
The [[National debt of the United States]] is the amount of [[money]] the [[United States]] [[Federal government]] owes various creditors due to [[deficit spending]].
As far as the national debt of the United States, according to noted business school Wharton School of the University of Pennsylvania, "As of September 30, 2023, the federal “debt held by the public” (herein, “debt”) stood at $26.3 trillion, or about 98 percent of projected [[GDP]]."<ref>[https://budgetmodel.wharton.upenn.edu/issues/2023/10/6/when-does-federal-debt-reach-unsustainable-levels#:~:text=As%20of%20September%2030%2C%202023,98%20percent%20of%20projected%20GDP. WHEN DOES FEDERAL DEBT REACH UNSUSTAINABLE LEVELS?], Penn Wharton School of Business at the University of Pennsylvania]</ref>
==Bibliography==
==Bibliography==