The U.S. fiscal position changed dramatically for the worse during the Bush years. CBO projected in its January 2001 baseline that the U.S. would have a total of $5.6 trillion in annual surpluses over the 2002-2011 decade, assuming the laws in place during the Clinton era continued and the economy performed as expected. However, the actual deficits during those years ended up being $6.1 trillion, a negative swing of $11.7 trillion. Two recessions, two wars, and tax cuts were the primary drivers of the differences
