During the Reagan presidency,tax rates were cut,government revenues fell below expectations,and there was a then-historic peacetime deficit.

Question

Quizplus · Accepted Answer

This is true. President Reagan's tax cuts were implemented in the early 1980s, and while they did lead to some economic growth, they also resulted in lower government revenues than expected. This, along with increased military spending, contributed to a significant peacetime deficit during his presidency.

During the Reagan Presidency,tax Rates Were Cut,government Revenues Fell Below