In fact, the federal government has run large budget deficits for the last 10 years.
For just the second time, the largest deficit in the month was with China.
"That just put us down even further, so we had to come out for the second half with an ever larger deficit."
It led to large deficits, of more than $200 billion for three years in the 80's.
And it is expected to run larger deficits in coming years.
The large deficit quickly took Detroit out of its game.
The largest deficit to date was $221 billion, in 1986.
We are running too large a deficit and not investing enough.
At some point the market may have to cope with what will be a very large deficit.
So a 17 billion pound tax cut is the right response to a large budget deficit?