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Budget deficits occur when government spending exceeds government revenues. The U.S. federal budget has been in deficit every year except one in the 1970's and 1980's. These deficits are essentially the product of Keynesian expansionary fiscal policies. However, in the 1980's the deficits grew even larger as a result of tax cuts inspired by supply side economics. Reducing budget deficits became then a political priority (e.g. Gramm-Rudman-Hollings Act).
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