Here is what I do know. The USA, essentially, had a balanced budget at the end of Bubba Clinton's presidency.
The Republican party, then, single-handedly pisssed it all away.
Let's see, social engineering project in Iraq, nation building in Afghanistan, pork barrel spending explosion, No Child Left Behind, ethanol mandates, Medicare Prescription, Faith Based Initiatives, airline bailout, auto bailout, insurance company bailout, Wall Street bailout, federally regulated bank bailout and federally non-regulated bank bailout.
And all paid for with our precious George W. Bush tax cut. Who said "when the Iraqis stand up, we can stand down"? And when did he say it?