CBO Analysis Shows a Spending Problem

The Congressional Budget Office, recently released a review [here] of the budget estimate they issued in January 2001 and the factors that turned their $5.6 trillion surplus projection into $6.2 trillion in cummulative deficits by 2011.

The pie chart below breaks down the major components of the $11.8 trillion swing from surpluses to deficits over the ten year period 2002 to 2011. Higher spending turns out to be the largest factor erasing those surplus projections, comprising 44 percent of the ten-year swing.

The Tax Foundation - CBO Figures Dispel Myth that Bush Tax Cuts Caused Today's Deficit