WASHINGTON – Monday afternoon, the U.S. Treasury Department released information explaining how a projected 2011 U.S. cumulative surplus of $5.9 trillion instead became an actual cumulative deficit of $6.0 trillion.
“Why did 2001 projected surplus turn into big deficits thru 2011?” the Treasury Department tweeted on Monday. “88% was unfunded wars, 2001/03 tax cuts, Medicare Part D, and econ/tech chg,” were the answers they provided.
A chart was also provided showing the decline in the projected surpluses.
“A closer look at actual attribution of change from surplus to deficits from 2001-11:”
