It's crazy how in 1992 the US federal deficit was 4% of GDP

During Clintons term this turned around to being a 2.3% surplus in 2000. Just 25 years ago the US was spending less than it was taking in tax.

The Bush came in and that surplus became a 3.3% deficit by 2003, and then the GFC crashed it to 9.8%.

While Obama was in, it crawled back from 9.8% deficit to 3.1% by 2016 - same value as before the GFC

Since then it's gone back to 6% of GDP

https://fred.stlouisfed.org/series/FYFSGDA188S