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Comments referencing the January 2001 CBO 10-year projection of $5.6 trillion budget surplus, based on assumptions in the 190 page report
"And no one should be surprised, human nature being what it is, people will go as far as they possibly can get away with."
Quote by:  Senator Hillary Clinton - May 29, 2007
 
Date Democrat - unless stated          
Function Remark Link1 Link2 Web Host Comment
3/2/2001   Mr. Barry Anderson, Deputy Director, Congressional Budget Office Not a Democrat PBS Special “I know Congress needs estimates that go out ten years and we supply them.  But we make no bones about it that there is an awful lot of uncertainty about what our projections are ten years hence.”   PBS Special
 
The dartboard used by Mr. Anderson in the video to show his confidence in the 10-year projection is most effective.
             
Date Order          
Pre-Deception Comments
1/31/2001 Rep. John Spratt Jr., Ranking Member - See Post-Deception comment with same color House Budget Committee "Finally, these projections are highly uncertain—particularly for the years farthest in the future. We have been lucky in recent years to see budget estimates unexpectedly turn in our favor. They could just as easily turn against us." House Budget Committee - Democratic Caucus Report   Rep. Spratt's truthful statement about projections.  Therefore, implied intentional deceit exits for 2009 statements.
3/1/2001 Rep. John Spratt Jr., Ranking Member - See Post-Deception comment with same color House Budget Committee "First of all, these surpluses are projections, and we shouldn’t be swept away by them. Seventy-two percent of the on-budget surplus that is projected for the next 10 years occurs in the second 5 years of that 10-year period. They may or may not pan out. Let us hope they do." HEARING HELD IN WASHINGTON, DC, MARCH 1, 2001  See Page 10 of PDF file   Rep. Spratt's truthful statement about projections.  Therefore, implied intentional deceit exits for 2009 statements.
3/8/2001 Rep. Matsui Congressional Record "In the document that said that we will have $5.6 trillion, the Congressional Budget Office also said that there is only a 50 percent probability that the 5-year projections will be correct, and they say in the 10-year projections they cannot even assess whether or not they will occur because they have no experience at it." Congressional Record 3/8/2001   Acknowledgement the CBO has no experience at 10-year projections.
3/8/2001 Rep. Pelosi Congressional Record "We do not have the surplus Members are talking about here. First of all, we are talking about a tax cut based on a budget we have not seen, on a surplus we cannot guarantee, at a time when we have unmet needs in our country." Congressional Record 3/8/2001   Compare this Rep. Pelosi statement to Speaker Pelosi on  September 29, 2008.
3/8/2001 Rep. Udall (D-CO) Congressional Record "...risky to rely too much on long-range forecasts of future budget surpluses…" Congressional Record 3/8/2001    
3/20/2001 Sen. Dorgan   See Post-Deception Comment with same color Congressional Record "The President's plan assumes we will have budget surpluses for the next 10 years. I hope that is the case, but with the current slowdown in our economy, we ought to be cautious. Economic forecasts are no more reliable than weather forecasts." - Emphasis added. Congressional Record 3/20/01   Sen. Dorgan's truthful statement about projections.  Therefore, implied intentional deceit exits for 2003 statements.
6/27/2001 Sen. Conrad Opening Statement of Chairman Kent Conrad "I think one of the most important things that can come out of this hearing is a renewed respect for the uncertainty - and I want to put the frame on that - the uncertainty of long-term economic and budget forecasts. This after all is a 10-year forecast. The famous CBO fan chart that showed estimates of uncertainty based on CBOs past forecasting records, should have warned us that there was nothing certain about a projection of $5.6 trillion of surpluses over the next 10 years." - Emphasis added Opening Statement of Chairman Kent Conrad Hearing on Reassessing the Economic Outlook   Sen. Conrad's truthful statement about projections.  Therefore, implied intentional deceit exits for 2007 statements.
Post-Deception Comments
2/7/2003 Sen. Dorgan Democratic Policy Committee Sen. Dorgan - Chairman "Huge deficits for years to come: Two years ago, the President inherited a healthy budget surplus, a budget circumstance that predicted a $5.6 Trillion in surpluses over the next 10 years." - emphasis added OPENING STATEMENT OF DPC CHAIRMAN SENATOR BYRON DORGAN DEMOCRATIC POLICY COMMITTEE HEARING   Deception begins 23 months after Sen. Dorgan says that projections are "not at all certain."  Is this putting Party ahead of Country?
2/22/2003 Sen. Byrd   "...this administration has squandered a $5.6 trillion surplus over the next decade and taken us to deficits as far as the eye can see." Senator Robert Byrd on Feb 22, 2003    
5/22/2003 Sen. Dorgan Democratic Policy Committee Press Release "Worst fiscal reversal in history. … The $5.6 trillion 10-year surplus that President Bush inherited is now a deficit of more than $2 trillion, for a total fiscal reversal of well over $7 trillion." 22-May-03 Senator Dorgan (D-ND) - Ethics - $5.6 Trillion Projection Continuation of Feb. 7, 2003 press release and a reversal from 3/20/01
10/5/2004 Sen. Edwards Vice-Presidential Debate "Because we will do what they've not done. You know, if you look at what's happened over the last four years, we have gone from a $5 trillion projected surplus when George Bush took office to a $3 trillion projected deficit." 5-Oct-04    
10/14/2004 Sen. Kerry Presidential Debate Kerry claimed Bush “has taken a $5.6 trillion surplus and turned it into deficits as far as the eye can see.” 14-Oct-04   "But the country never actually had a $5.6 trillion surplus. The projected surplus Kerry was referring to was a 10-year figure that was already made dubious by a weakening economy and a pent-up Congressional urge to spend. The largest annual surplus actually realized was $236 billion in fiscal year 2000, which ended a month before Bush was elected." - Factcheck.org
3/15/2006 Sen. Baucus Congressional Record "When this administration took office we were running large budget surpluses. Do you remember those days, not too many years ago? A $5.6 trillion surplus over the next 10 years was the projection back before the year 2000." 15-Mar-06   Chairman of the Senate Finance Committee, Senator Baucus
3/16/2006 Sen. Feinstein   "Under President Clinton, we had four years of budget surplus. And, when he left office, we had a projected 10-year surplus of $5.6 trillion." Senator Feinstein on March 16, 2006    
5/17/2006 Rep. Waxman Congressional Record "The year before President Bush took office, we enjoyed a record-breaking $236 billion surplus and projected surpluses that were expected to reach $5.6 trillion by 2011.  In an unprecedented reversal, the policies of President Bush and congressional Republicans have brought us the five largest deficits in our history." - emphasis added Congressional Record 5/16/06   Henry A. Waxman. Chairman, Committee on Oversight and Government Reform.  No where will you find where the CBO states the $5.6 trillion surplus was "expected."
6/14/2006 Sen. H. Reid (D-NV) Statement FACT:  President Bush Turned Record Budget Surpluses into Record Deficits.  President Bush inherited a unified budget surplus of $236 billion from President Clinton, the largest surplus in American history.  Budget surpluses were expected to continue for another ten years when President Bush took office in January 2001. Statement   "...were expected..."FACT, NOT!!!
6/22/2006 Rep. DeGette Press Release "...Congress and President Clinton to turn a $290 billion deficit into a $5.6 trillion surplus in just 6 years.  Sadly it took President Bush and his Republican Congress just five years to turn that surplus into a $3.2 trillion deficit."                  6/22/06 Press Release   Not even a reference to a projection.  Blatant deception with a projection.
1/5/2007 Rep. J. Salazar Congressional Record Madam Speaker, the administration has turned a projected 10-year, $5.6 billion (trillion) surplus into a nearly $3 trillion deficit. Congressional Record 1/5/07    
3/21/2007 Rep. Perlmutter House Floor After all, it took the prior Congresses and administration 6 years to turn a $5.6 trillion surplus into a $2.8 trillion deficit. That's a fiscal collapse over a 6-year period of more than $8 trillion. Congressional Record 3/21/07   Not even a reference to a projection.  Blatant deception with a projection.
7/11/2007 Sen. Conrad Senate Budget Committee Sen. Conrad - Chairman “Nothing in the administration’s deficit announcement changes the failed fiscal record of President Bush. He has increased spending by nearly 50 percent since taking office, while at the same time repeatedly cutting taxes primarily on the wealthiest. The result has been that the $5.6 trillion projected surplus he inherited has been wiped out." - Emphasis added STATEMENT BY SENATE BUDGET COMMITTEE CHAIRMAN   Note how effective deception with a projection can be when attached to facts.  Based on Sen. Conrad's 2001 statements, is Sen. Conrad putting Party ahead of Country?
1/23/2008 Congressional Progressive Caucus 73 Congress People "…they have squandered a record $5.6 trillion surplus…" CPC Report 1/23/2008   Might as well discredit them 73 at a time.
2/4/2008
House Budget Committee - Majority, Rep. John Spratt, Chairman REPORT: Final Bush Budget Continues Same Failed Fiscal Policies * "In all, the $5.6 trillion projected ten-year surplus that the Administration inherited when it took office has been converted, under realistic estimates, into a $3.2 trillion deficit. This represents a swing of $8.8 trillion in the wrong direction – the largest fiscal deterioration in American history." 2/4/08 Report hbc-feb4-2008-pic.jpg
 
Link to Majority Party Members    
4/16/2008 Sen. Hillary Clinton Presidential Debate CLINTON: "You know, I'm going to have to look and see what the revenue situation is. We now have the largest budget deficit we've ever had, $311 billion. We went from a $5.6 trillion projected surplus to what we have today, which is a $9 trillion debt." - Emphasis added Source: 2008 Philadelphia primary debate, on eve of PA primary Apr 16, 2008    Note how effective deception with a projection can be when attached to facts.
6/9/2008 Senator Obama Campaign "George Bush's policies have taken us from a projected $5.6 trillion dollar surplus at the end of the Clinton Administration to massive deficits and nearly four trillion dollars in new debt today." Senator Obama on June 9, 2008    
9/29/2008 Speaker Pelosi House Floor "… on a trajectory of $5.6 trillion dollars in surplus." Congressional Record 9/29/2009 Watch House Floor Based on the timing, possibly the worst case of projection deception that exists.  Compare this Speaker Pelosi statement to Rep. Pelosi on March 8, 2001
10/15/2008 Senator Biden Website "Since 2000, a projected ten year surplus of $5.6 trillion has been squandered, turned into new debt of over $3 trillion." Senator Biden on October 15, 2008    
2/9/2009 Chairman Spratt House Floor “This is a simple bar graph.  It shows that the Bush administration, when he came to office, had a phenomenal inheritance.  A budgeting surplus over the next 10 years by $5.6 trillion. That was January, 2001.”   House Floor   No reference to a projection.
2/9/2009 Majority Leader Hoyer House Floor "Tragically, that was dissipated. That $10 trillion of debt now has replaced that $5.6 trillion of anticipated surplus." House Floor    
2/25/2009 Mr. Andy Stone, Western Regional Press Secretary for the Democratic Congressional Campaign Committee Press Release:  Earth to Representative Mike Coffman: Republicans Responsible for Sky-High Deficits "Congressman Coffman needs a history lesson.  It was former President Bush and Congressional Republicans that left Americans with deficits as far as the eye could see, taking a $5.6 trillion surplus and transformed it into a $3.2 trillion deficit." Press Release   The deception tactic with a projection is used throughout the Democratic Party.
2/26/2009 Speaker Pelosi Press Conference  on February 26, 2009 CSPAN Bush inherited $5.6 trillion projected surplus February 26, 2009 the deception continues Watch Spr. Pelosi in 2008 contradict herself from 2001. Deception Continues
2/26/2009 President Obama 2010 Budget “that (surplus) was projected to grow still larger over time.”   Word Search Obama's Budget - page 14 14th page Blatant Deception Continues
2/27/2009 Rep. John Spratt Jr., Chairman
House Budget Committee *
"When President Bush took office in 2001, he inherited a ten-year budget surplus projected to be $5.6 trillion. That surplus represented an historic opportunity to address some of the major issues facing our country, including preparing for the needs of the retiring baby-boom generation." House Budget Committee - Democratic Caucus Report   Textbook deception by at least one Democrat on the Budget Committee.
3/3/2009 Sen. Whitehouse Sen. Finance Hearing Based on a projection Bush deficits grew $7 trillion.  Watch Chairman Bernanke explain the flaw in the Senator's premise because of the revenue assumption.  Fast forward to 1 hour 35 minutes and listen to Bernanke 2 minutes later.     
3/4/2009 Sec'y Geithner Sen. Budget Committee "Forecasts are never what they are." Fast forward to 1 hour 52 minutes   There is no deception here
04/01/09 Rep. Clyburn House Majority Whip Turning the Budget Around — In 2001, the previous Administration inherited record budget surpluses – $5.6 trillion projected over ten years – but squandered it all and more, leaving a record deficit of over $1 trillion for 2009 alone. Website and search for "$5.6 trillion"   Clyburn's Quote of the day - 4/1/09:                          “You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.”- Abraham Lincoln
04/27/09 Rep. John Spratt Jr., Chairman Chairman Spratt's Opening Statement at Conference Committee for FY2010 Budget Resolution  "Over the last eight years, we have witnessed an enormous reversal in our budget. We have seen a ten-year surplus of $5.6 trillion dissipate, disappear, and devolve into massive deficits. In the meanwhile, our economy has been overtaken by the worst set-backs since the 1930s." FOR IMMEDIATE RELEASE  April 27, 2009 The most blatant attempt at deception with a projection that is possible to exist is on display with this comment from Chairman Spratt.  See my comments.
4/27/2009 Speaker Pelosi Speaker Pelosi's website "a record surplus of $5.6 trillion over 10 years under President Clinton … turned into record deficits of $5.8 trillion under President Bush" Press Release   At what point does intentional deception with a projection become a violation of the code of Ethics for Government Service?
4/29/2009 Sen. Conrad Senate Budget Committee Sen. Conrad - Chairman
"As a result, we saw a very dramatic deterioration in the budget picture under the Bush administration. They went from inheriting surpluses to putting us into record deficits."
April 29, 2009 Hearing In the same hearing Chairman Conrad displays his knowledge of the unreliability of projections and then says the Bush administration inherited budget surpluses.  
4/29/2009 Sen. Conrad Senate Budget Committee Sen. Conrad - Chairman "Some have asked why we didn't do a 10-year budget. Very simply, because Congress almost always has done 5-year budgets because we know that the projections for the second 5 years are highly unreliable--highly unreliable. Frankly, a forecast for 5 years is a bit of a crap-shoot." April 29, 2009 Hearing   This one hearing demonstrates  Senator Conrad's partisanship associated with budget projection deception.  And to see he started the hearing with this:  "I try to suppress partisanship in my discussions on the Senate floor…"
04/29/09 Sen. Whitehouse CONCURRENT RESOLUTION ON THE BUDGET FOR FISCAL YEAR 2010--CONFERENCE REPORT -- (Senate - April 29, 2009) "From their speeches, you would never know that during the Bush administration the difference between the budget that President Bush inherited and the budget projections he was given the day he took office and the actual budget outcomes that the Bush administration produced, the difference was nearly $9 trillion--$9 trillion of debt." See excerpt   Compare Sen. Whitehouse's statement President Bush produced $9 trillion of debt versus his March 3, 2009 statement that President Bush's deficits grew $7 trillion.  This is an excellent example of  deception with a projection because the "projection" President Bush inherited said the budget could return to deficits without changing President Clinton's policies.
04/29/09 Rep. Clyburn House Majority Whip "Unlike the last Administration, which inherited a $5.6 trillion surplus projected over ten years, this Administration inherited an economy in steep decline,…" 04/29/2009 Daily Whipline CBO 2001 "The primary negative risk is that the current slowdown might turn into a recession. Although forecasters widely anticipated that economic activity would slow, the deceleration has been surprisingly rapid." - CBO January 2001 in the 10-year $5.6 trillion budget surplus projection, based on the considerable uncertainties in the report.
05/06/09 Majority Leader Hoyer Hoyer Delivers Keynote Address on Entitlement and Health Care Reform "I think we all understand how we got here. In 2001, when President Bush took office, America had a projected ten-year surplus of $5.6 trillion." WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) delivered the keynote address at a Bipartisan Policy Center forum,    An analysis of the CBO's cautionary statements in the $5.6 trillion surplus projection would expose Majority Leader Hoyer's statement to be deceptive.  In the projection, the CBO stated the USA economy was so uncertain we could return to deficits without changing President Clinton's policies.
06/09/09 Speaker Pelosi Press Release "A projected surplus of $5.6 trillion was allowed to collapse into more than $5.8 trillion indeficits– a turnaround of more than $11 trillion in the wrong direction." Press Release 06/09/2009    
01/15/10 David Axelrod, Senior Advisor to president Obama Opionion Article "The day the Bush administration took over from President Bill Clinton in 2001, America enjoyed a $236 billion budget surplus -- with a projected 10-year surplus of $5.6 trillion." Washington Post 01/15/2010 The deception is alive and well in President Obama's White House.
03/21/10 Majority Leader Hoyer Health Care Debate - HR 3590 "contrary to what so many of my Republican friends said that bill would do, and a record budget surplus of $5.6 trillion, contrary to the assertion of Mr. Armey that it would create deep debt." Thomas.Loc.Gov - March 21, 2010  Page H1855 Time 18:45 The gift that keeps on giving.  If you read the Congressional Record, Speaker Pelosi used the tactic of deception with a projection to have the CBO value the Dem's assumptions on the health care bill, and then she said the numbers were from the non-partisan CBO.
             
Other References