>
>In cutting the forecast of the 10 year surplus by $4 trillion, from last
>year's forecast of $5.6 to the current forecast of $1.6 trillion, the
>Congressional Budget office allots the blame as follows:
>
>$1,280 billion to the Bush tax cut
> $929 billion to the recession
> $562 billion to increased interest on the national debt
> $550 billion to higher spending
>
>My question is: I could swear Max said the original forecasts included one
>recession occuring over that 10 year period.
They didn't forecast the exact timing of a recession. The average growth rates they predicted over the full period were low enough to allow for the requisite number of recessions within that timespan.
Doug