"In January 2001, CBO's baseline projections showed a cumulative surplus of $5.6 trillion for the 2002–2011 period."Updated June 7, 2012, to reflect actual results for 2011.
"The actual results have differed from those projections because of subsequent policy changes, economic developments that differed from CBO's forecast, and other factors. As a result, the federal government ran deficits from 2002 through 2011. The cumulative deficit over the 10-year period amounted to $6.1 trillion—a swing of $11.7 trillion from the January 2001 projections."It's January 2001, we have a new Republican President, a Republican House of Representatives, a Republican Senate, a $236 billion budget surplus and the CBO is projecting a $5.6 trillion surplus over the next ten years.
In January 2001 our national debt was $5.7 trillion. The CBO was projecting that we would pay all of that down but $100 billion. Instead, we got a $11.7 trillion 'swing'.
Where were the teabaggers? ...Oh, that's right.
