Edited sentence: " In order to cover new federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $700 billion to $3 trillion, and the United States moved from being the world's largest international creditor to the world's largest debtor nation." They also pointed out that the combination of significant tax cuts and a massive increase in Cold War related defense spending caused large budget deficits, the U.Many critics charged that Reagan was unconcerned with income inequality and its effects, and derided his economic policies as "Trickle-down economics.Reagan described the new debt as the "greatest disappointment" of his presidency.trade deficit expansion, contributed to the Savings and Loan crisis, and the stock market crash of 1987, known as "Black Monday