CBO’s deficit forecast, and eight reasons why I agree

Two days ago, the CBO revised its 2006 deficit estimate downward.  Unsurprisingly, I agree with them.  Here’s their headline (click to enlarge):

And here’s their revised estimate, followed by my reaction: 

I have eight reasons for that reaction.  Here they are, starting with the oldest one, and ending with the recent one, titled “October Surprise 2008.”

• Reason 1, August 2005
• Reason 2, November 2005
• Reason 3, December 2005
• Reason 4, January 2006
• Reason 5, February 2006
• Reason 6, March 2006
• Reason 7, March 2006
• Reason 8, April 2006: “October Surprise, 2008”

[Thanks to Dr Toast for alerting me to this CBO development.]