Monthly Archives: October 2011

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

By , Published: April 30, 2011

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. Continue reading