[17th Miss Regt]

Yep. One of the Dems, when discussing Reagan’s tax cuts, said the proposed tax cuts would “blow a hole in the deficit”. That quote was bandied about for some time. Of course, it did no such thing.

[Drago]

Depends on your definition of “hole”:
Year Deficit (Billions)
1981 $79
1982 $128
1983 $208
1984 $185
1985 $212
1986 $221
1987 $150
1988 $155
1989 $153
Reagan did get it back down to a $153 Billion deficit by the end of his 2nd term despite push back from Dems at every step.

Nothing compared to the $1 Trillion+ deficits since 2020.

https://www.thebalancemoney.com/us-deficit-by-year-3306306

76% of all income taxes now going to pay interest on the national debt:

https://moneywise.com/news/economy/elon-musk-issues-dire-warning-as-interest-on-us-debt-was-equal-to-76-of-income-tax-collected-in-june