:::According to wikipedia, "In 1981, Reagan significantly reduced the maximum tax rate, which affected the highest income earners, and lowered the top marginal tax rate from 70% to 50%; in 1986 he further reduced the rate to 28%. The federal deficit fell from 6% of GDP in 1983 to 3.2% of GDP in 1987. The Federal deficit in Reagan's final budget fell to 2.9% of GDP." http://en.wikipedia.org/wiki/Reaganomics

Also according to wikipedia it was increased borrowing, not increased spending, that lead to Reagan deficits: as a short-run strategy to reduce inflation and lower nominal interest rates, the U.S. borrowed both domestically and abroad to cover the Federal budget deficits, raising the national debt from $997 billion to $2.85 trillion. This led to the U.S. moving from the world's largest international creditor to the world's largest debtor nation. http://en.wikipedia.org/wiki/Reaganomics

Also according to wikipedia, during the Reagan administration, federal receipts grew at an average rate of 8.2% (2.5% attributed to higher Social Security receipts) http://en.wikipedia.org/wiki/Reaganomics