"One of the reasons the deficit got as big as it did, frankly, was because of the economic slowdown, the fall-off in deficits, the terrorist attacks. A significant chunk was taken out of the economy by what happened after the attacks of 9/11"

This quote by Dick Cheney, the former Vice President of the United States, reflects on the economic obstacles that occurred in the early 2000s, particularly in the after-effects of the September 11, 2001, terrorist attacks. Cheney identifies a number of factors adding to the increased federal deficit during that duration, highlighting the interconnectedness of economic and geopolitical occasions.

First of all, Cheney points out the economic slowdown as a considerable element. Throughout this time, the U.S. economy was currently experiencing a recession due to the bursting of the dot-com bubble, which led to reduced financial investment and customer spending. This naturally led to reduced tax earnings as people and corporations made less, thus contributing to a growing deficit.

Cheney also points out "the fall-off in deficits", which seems to be a misstatement most likely meaning to note a fall-off in financial activity or profits, instead of deficits themselves. This decrease was exacerbated by the extreme effect of the 9/11 attacks, which resulted in immediate and extensive financial interruptions. Secret industries, such as travel and insurance, faced massive losses, and customer self-confidence was shaken, even more throttling financial development.

The reference to the "terrorist attacks" highlights how 9/11 had a direct and long lasting economic effect. The attacks resulted in increased security steps, causing increased federal expenditures. The subsequent wars in Afghanistan and Iraq further strained the federal budget, considerably contributing to the deficit.

Last but not least, Cheney's recommendation that "a significant chunk was secured of the economy" shows the broader financial repercussions of 9/11 beyond instant market responses. The long-term boost in defense and security costs, integrated with lowered financial output, created a significant fiscal challenge.

Overall, Cheney's quote highlights the complex and diverse nature of economic deficits, highlighting how they can be formed by external shocks, policy decisions, and unexpected geopolitical events.