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Why did the federal budget go from a huge deficit in 1992 to a surplus in 1998?  Explain the factors that contributed to the turnaround.

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Whenever we are trying to explain what happened in something as complex as the US economy and the federal budget, there will be many factors that could be involved.  Different people will place different levels of importance on the various factors.  This is particularly true when, as in this case, politics are involved.

Some people give President Clinton the credit for the change you mention.  They point out that he raised taxes and decreased the level of government spending (when measured as a percentage of gross domestic product).  They argue that these actions allowed...

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