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Then we had the shortfall. During a term of eight years, Bill Clinton reversed Reagan's course, raising taxes upon the wealthy, and lowering them for the functional and middle classes. This produced the longest sustained economic expansion in American back ground. It produced budgetary surpluses allowing brand new to begin paying on the crippling debt begun under Reagan. In 2000, Clinton's last year, the surplus amounted to $236 billion. The forecast of a ten-year surplus stood at $5.6 trillion. It was the last black ink America would see for decades, perhaps forever.

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Treasury bonds do aside from include bonds. Even Treasury Notes and Treasury Bills get into this type. All types of Treasury bonds sold inside the are backed by federal government and devote taxes only on the interest earned in the bonds.

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