CBO's The Budget and Economic Outlook: An Update is a statute-directed baseline: "In accordance with long-standing procedures, CBO's projections assume that current laws and policies remain in place." So, the revenue figures in years 2010-2017 reflect a scenario in which the 2001/2003 tax cuts expire (as legislated). If Congress does nothing - that is let the sun set on tax cuts, the Treasury will see surpluses starting in 2012. But if those tax cuts are extended, it's a river of red ink. Federal Budget Surplus/Deficit(-) (billions of dollars) 2012 2013 2014 2015 2016 2017 Tax Cuts Expire 62 36 65 85 58 109 Tax Cuts Extended -187 -238 -218 -208 -245 -207 There's really nothing new here. I just wanted to point out - again - how expensive the Bush Revenue Reduction Program is.