Revenues for 2012 are estimated at about $2 trillion (2005 dollars). Estimated deficit will be $1.12 trillion.

Revenues for 2004 were $1.95 trillion. Deficit was $412 billion.

Revenues for 1998 were $2 trillion. Surplus of $62 billion.

So what changed?

Democrat or Republican: "It's the spending, stupid."

The CPBB graph needs some work. I'm assuming neither the economic downturn nor the war are still going to be a factor in 2019. I do like the way liberals consider that big orange bar - money earned and kept by the private sector for their own production and use - to be some kind of theft from the State.

Note that Obama's current budget proposes further extending the "middle class" tax cuts (under $250,000). That's five out of every six dollars in that big orange bar.

The Democrats, with the presidency and both the House and Senate, got their bluff called on the tax cuts at the end of 2010. They're the Obama tax cuts now. They will come up for renewal at the end of 2012, with Obama as president no matter who wins the election. If he does not kill them then, will the Democrats finally sit down and shut up about this? Or will he blame the House, and hope his constituents are too stupid to remember the end of 2010?

More in this new CBO analysis, unfiltered through liberal think tank.