OUR REPUBLICAN PRESIDENT:

1. Deficits are not spiraling out of control. Federal deficits (the annual gap between spending and revenues) have fallen sharply in relation to the economy since peaking at 10 percent of gross domestic product in 2009, at the height of the Great Recession. The center projects - based on data and projections from the Congressional Budget Office and the latest reports of the Social Security and Medicare Trustees - that deficits will be below 3 percent of GDP through 2018 but begin rising thereafter. Even in 2040, however, the deficit will be half its 2009 level.

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