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Rather than considering the reported budget deficit, this chart helps describe how much the U.S. really borrows each year above its tax receipts. The reported budget deficit numbers tend to significantly understate the actual amount of spending in excess of tax receipts, because of off-budget amounts.

Major off-budget amounts include defense spending for the Iraq & Afghanistan wars (most of the approximately $750 billion spent since 2001 was off-budget), the 2008 economic stimulus package (about $170 billion) and earmarks (around $50 billion each year).

The social security surplus (about $190 billion in 2007) is considered a receipt in calculating the budget, so it reduces the reported budget deficit.

Stated another way, the U.S. spends about $1.20 for each $1.00 it receives in tax revenue.