In classical tragedy, this is known as the denouement. In Washington, it could be just farce. - David Meyer Wessel

Adjusted for inflation, the federal government spent more on Medicare and Medicaid in 2011 than it spent on everything in 1960.

The share of income most American families pay in federal taxes has been falling for more than thirty years. Today, Americans pay less of their income in taxes than citizens of nearly every other developed country.

The Reagan presidency was styled as a turning point in American politics: the end of the New Deal and the beginning of an era in which the government would retreat from the economy. Ronald Reagan made three significant fiscal promises during his campaign for president: cut taxes, rebuild the nation’s defenses, and balance the budget. He delivered on the first two, but not on the third.