The 1980s broke a pattern in which the federal government ran big deficits only in wartime. The deficit topped $200 billion a year from 1983 through 1992. They would have been even bigger if Reagan hadn’t flinched on taxes, accepting significant tax increases in 1982 and 1984.

— David Wessel Red Ink: Inside the High-Stakes Politics of the Federal Budget (2012)

More quotes by David Wessel

Red Ink: Inside the High-Stakes Politics of the Federal Budget (2012)

Red Ink: Inside the High-Stakes Politics of the Federal Budget (2012)

Red Ink: Inside the High-Stakes Politics of the Federal Budget (2012)

Red Ink: Inside the High-Stakes Politics of the Federal Budget (2012)

Red Ink: Inside the High-Stakes Politics of the Federal Budget (2012)

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