Original sentence: The annual deficit reached record current-dollar levels of $374 billion in 2003 and $413 billion in 2004, though as a percentage of GDP these deficits are lower than the post-World War II record set under the Ronald Reagan administration in the 1980s.The effect of simultaneous increases in spending was to create record budget deficits
Edited sentence: The annual deficit reached record nominal levels of $374 billion in 2003 and $413 billion in 2004, though as a percentage of GDP they are lower than the post-WWII record set under the Reagan Administration in the 1980's.The effect of simultaneous increases in spending made the 2001 recession one of the shortest and shallowest in history, but also created record budget deficits