Senator-elect Mark Kirk is talking about fiscal responsibility. Be afraid.

What Senator-elect Mark Kirk said on election night:

"Tonight, the people of Illinois have spoken, and your vote was heard around the world. It was a vote for fiscal responsibility..."

What the Congressional Budget Office said in January 2001 when Congressman Mark Kirk and President George Bush took office:

"The outlook for the federal budget over the next decade continues to be bright. Assuming that current tax and spending policies are maintained, the Congressional Budget Office (CBO) projects that mounting federal revenues will continue to outstrip spending and produce growing budget surpluses for the next 10 years. The update of CBO's budget outlook that this chapter describes continues a trend, since 1997, of steady and sometimes dramatic improvement, reflecting the continuing impact of strong economic growth over the past few years ...

"Under current policies, total surpluses would accumulate to an estimated $2 trillion over the next five years and $5.6 trillion over the coming decade. Such large surpluses would be sufficient by 2006 to pay off all debt held by the public that will be available for redemption.

"Within those totals, on-budget surpluses would accumulate to nearly $1 trillion over the next five years and about $3.1 trillion over the 2002-2011 period. On-budget surpluses would range between just over 1 percent to more than 3 percent of GDP. Off-budget surpluses also would total about $1 trillion over the next five years and about $2.5 trillion through 2011. Off-budget surpluses alone would be sufficient to eliminate the debt available for redemption by the end of the 10-year period."
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