Complete the following graph using the data from the Congressional Budget Office

Specifically I want you to comment on whether the trend is continuing with the Debt and Surplus as a % of GDP or is it moving back towards what we say prior to the Great Recession (December 2007 - June 2009)

Continuing to use the data from the CBO answer the following question

1. Between 2012 and 2013 the US deficit dropped substantially (Decreased by $407 Billion). What was the major reason for the drop?
2. True/False - Tax revenue from Corporate Income Tax has been increasing as a percentage of GDP since 1967?
3. Suppose that the USA stops all non-defense discretionary spending. In 2013, this would reduce government spending by ____% (Hint: Discretionary/total outlays)
4. True/False - It would have been possible to prevent a budget deficit in 2013 by cutting non-defense discretionary spending and all the mandatory spending except Social Security, Medicare and Medicaid to 0.