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Yesterday, the Congressional Budget Office (CBO) released a report projecting that our national debt will rise from $7.5 trillion (53% of GDP) at the end of 2009 to $15 trillion (67% of GDP) by 2020. Such shocking predictions leave many Americans wondering, why is the national debt skyrocketing out of control? Certainly both parties are guilty of pushing tax, borrow and spend agendas that cripple our economy and leave us financially dependent. But since the Democrats gained control of Congress in 2007, these problems have gotten dramatically worse. Under the Democrat controlled Congress:
When the Democrats gained control of Congress, the CBO projected that the federal government would run a budget surplus of $800 billion between FY 2008-2017. Now, over that same period, the federal government is projected to run a deficit of $7.4 trillion.
This is an $8.2 trillion deterioration of the budget outlook from just three years earlier.