Deficits to average record $1.3 trillion over next decade: CBO

This must all mean that Americans will get behind a democratic president to fix the republican financial mess, then lose mightily in the mid-terms after the democrat they elected made the tough decisions that needed to be made. It's a never ending cycle. If only Gore would have won by more then 1,000 votes in 2000, the entire U.S. public debt would have been paid off years ago* and all our taxes would be near zero. But no, we got George Bush and the "fiscal conservatives" into power and it's been a race to the bottom ever since.

* CBO 1998 - The latest estimates by the CBO indicate that the federal budget is likely to be essentially balanced for the next 10 years if current policies remain unchanged. CBO now projects single digit deficits for the fiscal years 1998, 1999, & 2000, followed by a small surplus in the 2001 and GROWING SURPLUSES THROUGH 2008.

CBO 1999 - The federal revenues exceeded spending in fiscal year 1998 by $70B, producing the first surplus in almost 30 years. The CBO estimates that under the current law, the total budget surplus of $107B in 1999 and $131 billion in 2000...But the CBO projects that those on-budget deficits will give way to on-budget surpluses in 2001 and succeeding years as the total budget surplus climbs to $381B in 2009.