How Projected Surpluses Became Deficits: Main Causes Were Tax Cuts and Higher Security Spending

Source: Richard Kogan and Gillian Brunet, Center on Budget and Policy Priorities, September 12, 2008

From the summary:
The federal budget is projected to run a $546 billion deficit in 2009, compared with the $710 billion surplus that budget experts projected for 2009 back when President Bush took office nearly eight years ago. This $1.3 trillion deterioration in the nation’s fiscal finances for 2009 can be seen by comparing estimates that the Congressional Budget Office (CBO) released this week with those that CBO released in January 2001.

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