There is no reason they should either. The fact of the matter is President Obama has brought spending and revenues to within the closest they have been since Former President Clinton had developed a surplus of revenues in 1995-96. When Republicans become rhetorical and/or greedy for their cronies pull out this graph and remind them it wasn't the Republicans that had not only balance the budget without a law to do it, but, it was the Democrats that seek to actively bring revenues and debt together so the futures Americans aren't burdened with historical debt.
CBO projects (click here) that federal revenues will rise from 17.6% of GDP in 2013 to 19.4% in 2039 for three reasons. First, as the economy recovers from the recession, and income levels grow, the revenue share will increase because there will be more taxable income. Second, more and more income will be pushed into higher income tax brackets due to real bracket creep. Third, tax increases enacted under the Affordable Care Act are now being implemented and will bring in additional revenue. Despite these increases, revenues are still not sufficient to keep pace with spending, which is projected to rise more rapidly due to two major factors: the aging of the population and healthcare cost growth....
CBO projects (click here) that federal revenues will rise from 17.6% of GDP in 2013 to 19.4% in 2039 for three reasons. First, as the economy recovers from the recession, and income levels grow, the revenue share will increase because there will be more taxable income. Second, more and more income will be pushed into higher income tax brackets due to real bracket creep. Third, tax increases enacted under the Affordable Care Act are now being implemented and will bring in additional revenue. Despite these increases, revenues are still not sufficient to keep pace with spending, which is projected to rise more rapidly due to two major factors: the aging of the population and healthcare cost growth....
