Comment on Running in the red: How the U.S., on the road to surplus, detoured to massive debt

Running in the red: How the U.S., on the road to surplus, detoured to massive debt

The nation’s unnerving descent into debt began a decade ago with a choice, not a crisis. In January 2001, with the budget balanced and clear sailing ahead, the Congressional Budget Office forecast ever-larger annual surpluses indefinitely. The outlook was so rosy, the CBO said, that Washington would have enough money by the end of the decade to pay off everything it owed. Voices of caution were swept aside in the rush to take advantage of the apparent bounty.

 

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