The combination of a faltering economy, increased military spending, and the 2001 tax cuts produced a rapid rise in budget deficits at both the national and state levels by 2003.

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The early 2000s saw a combination of economic challenges, increased military expenditures due to events like the Iraq War, and tax cuts under the Bush administration, leading to significant budget deficits.

The Combination of a Faltering Economy, Increased Military Spending, and the 2001