How Big is the Debt? Deficits have generally been the rule (although there was a surplus from 1998 to2001) Deficit(as fraction of GDP)was highest in mid-1980s7 How Big is the Debt? • Deficits have generally been the rule (although there was a surplus from 1998 to 2001). • Deficit (as fraction of GDP) was highest in mid-1980s