▁any ▁legisl ation . ▁ ▁The ▁tax ▁cut s , ▁re cess ion , ▁and ▁increases ▁in ▁out l ays ▁all ▁contributed ▁to ▁record ▁budget ▁def ic its ▁during ▁the ▁Bush ▁administration . ▁The ▁annual ▁def ic it ▁reached ▁record ▁current - d ollar ▁levels ▁of ▁US $ 3 7 4 ▁billion ▁in ▁ 2 0 0 3 ▁and ▁US $ 4 1 3 ▁billion ▁in ▁ 2 0 0 4 . ▁National ▁deb t , ▁the ▁cum ulative ▁total ▁of ▁year ly ▁def ic its , ▁rose ▁from ▁US $ 5 . 7 ▁tr ill ion ▁( 5 8 % ▁of ▁G DP ) ▁to ▁US $ 8 . 3 ▁tr ill ion ▁( 6 7 % ▁of ▁G DP ) ▁under ▁Bush , ▁as ▁compared ▁to ▁the ▁US $ 2 . 7 ▁tr ill ion ▁total ▁deb t ▁ow ed ▁when ▁Ron ald ▁Re agan ▁left ▁office , ▁which ▁was ▁ 5 2 % ▁of ▁the ▁G DP . ▁ ▁According ▁to ▁the ▁" bas eline " ▁forec ast ▁of ▁federal ▁re venue ▁and ▁sp ending ▁by ▁the ▁Cong r essional ▁Bud get ▁Office ▁( in ▁its ▁January ▁ 2 0 0 5 ▁Bas eline ▁Bud get ▁Pro jections ), ▁the ▁budget ▁def ic its ▁will ▁decrease ▁over ▁the ▁next ▁several ▁years . ▁In ▁this ▁projection ▁the ▁def ic it ▁will ▁fall ▁to ▁US $ 3 6 8 ▁billion ▁in ▁ 2 0 0 5 , ▁US $ 2 6 1 ▁billion ▁in ▁ 2 0 0 7 , ▁and ▁US