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Pre-2005 Content Archive


Deficit Picture Grimmer Than CBO's March Projections Suggest

Key Findings

  • If the tax cuts are extended and other likely costs occur, deficits will total $4.6 trillion over the next ten years, will never fall below $300 billion in any year, and will exceed $600 billion by 2014.
  • Since January 2001, the budget outlook for the ten years 2002 to 2011 has deteriorated by $8.8 trillion, with projections of surpluses being replaced by projections of large, sustained deficits.
  • In terms of legislation since 2001, tax cuts are the single largest factor behind the move from surpluses to deficits.