"Reagan enacted a major tax cut his first year in office and government revenue dropped off precipitously."
Sorry, but you'making that up. Go tothe left-wing Tax Policy Center's tables: http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=200
Tax revenues 1st year of Reagan's term in office $517B, last year, $909B. So how did revenues go down?
The debt went up during that time because Reagan compromised with a Democratic congress, who insisted on increasing spending for government give-away programs. From the same tables:
Outlays Reagan's 1st year $590B, last year 1064B,
Get yourfacts straight.