▁the ▁lowest ▁level ▁since ▁ 1 9 5 9 . ▁With ▁the ▁NAS DA Q ▁crash ▁and ▁one ▁quarter ▁of ▁negative ▁growth ▁in ▁ 2 0 0 0 ▁it ▁was ▁likely ▁we ▁were ▁head ed ▁into ▁a ▁re cess ion , ▁yet ▁merely ▁two ▁years ▁after ▁the ▁ 2 0 0 3 ▁Bush ▁tax ▁cut s , ▁federal ▁reven ues ▁( in ▁dollars ) ▁had ▁reached ▁a ▁record ▁high . ▁The ▁effect ▁of ▁simultane ous ▁record ▁increases ▁in ▁sp ending ▁and ▁tax ▁redu ctions ▁was ▁to ▁create ▁record ▁budget ▁def ic its ▁in ▁absolute ▁terms , ▁though ▁as ▁recently ▁as ▁ 1 9 9 3 , ▁the ▁def ic it ▁was ▁slightly ▁larger ▁than ▁the ▁current ▁ 3 . 6 % ▁of ▁the ▁G DP . ▁In ▁the ▁last ▁year ▁of ▁the ▁Cl inton ▁administration , ▁the ▁federal ▁budget ▁showed ▁an ▁annual ▁sur plus ▁of ▁more ▁than ▁US $ 2 3 0 ▁billion . ▁Under ▁Bush , ▁the ▁government ▁returned ▁to ▁def ic it ▁sp ending . ▁The ▁annual ▁def ic it ▁reached ▁an ▁absolute ▁record ▁of ▁US $ 3 7 4 ▁billion ▁in ▁ 2 0 0 3 ▁and ▁then ▁a ▁further ▁record ▁of ▁$ 4 1 3 ▁billion ▁in ▁ 2 0 0 4 . ▁ ▁Sp ending ▁ ▁President ▁Bush ▁expanded ▁public ▁sp ending ▁by ▁ 7 0 ▁percent , ▁more ▁than ▁double ▁the ▁increase ▁under ▁President ▁Cl inton . ▁Bush ▁was ▁the ▁first ▁president ▁in ▁ 1 7 6 ▁years ▁to ▁continue ▁an ▁entire ▁term ▁without ▁v eto ing