| The Congressional Budget Office today released its latest budget projections, which show that the deficit in 2012 is expected to exceed $1 trillion and that economic growth is likely to slow over the next two years. Predictably, Republicans jumped to blame the large deficit on President Obama's spending... However, as Center for American Progress Director of Tax and Budget Policy Michael Linden noted, CBO was projecting a surplus for 2012 as recently as 2007, and plummeting federal revenue -- not the GOP's imaginary "spending spree" -- is responsible for the lion's share of the swing from surplus to deficit. |
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At thinkprogress.org
At thinkprogress.org
