An argument has been made that the shrinking deficits of the 1990s were attributable to the

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The argument is that the shrinking deficits of the 1990s were attributable to the peace dividend that resulted from the end of the Cold War. As military spending decreased with the end of the Cold War, the government's budget saw some relief, leading to smaller deficits in the 1990s. The Gulf War and bailout of the savings and loans had some impact on the budget but were not the main drivers of the shrinking deficits in the 1990s.

An Argument Has Been Made That the Shrinking Deficits of the 1990s