Reagan, a Republican from California, took office following a landslide victory over Democratic incumbent President Jimmy Carter in the 1980 presidential election. These deficits were exacerbated by the early 1980s recession, which cut into federal revenue. Unable to win further domestic spending cuts, and pressured to address the deficit, Reagan was forced to raise taxes after 1981. Nonetheless, the national debt more than tripled between fiscal year 1980 and fiscal year 1989, going from $914 billion to $2.7 trillion, while national debt as a percentage of GDP rose from 33 percent in 1981 to 53 percent in 1989. Reagan never submitted a balanced budget during his time in office.
$914 billion to $2.7 trillion, $2.7 trillion,
$914 billion to $2.7 trillion, $2.7 trillion,