Runaway Spending, Not Inadequate Tax Revenue, Is Responsible for Future Deficits
The main driver behind long-term deficits is government spending, not low revenue. While revenue will surpass its historical average of 18.1 percent of GDP by 2018, spending remains above its historical average of 20.2 percent, reaching 22.1 percent by 2022, even after $2.1 trillion in spending cuts in the Budget Control Act.
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PERCENTAGE OF GDP
Source: Heritage Foundation calculations based on Congressional Budget Office data.