Remember back in 2001 when Republicans were whining that the National Debt...

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DrillBabyDrill

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...couldn't be paid off until 2011? January 2001: "Private asset accumulation may be forced upon us well short of reaching zero debt. Obviously, savings bonds and state and local government series bonds are not readily redeemable before maturity. But the more important issue is the potentially rising cost of retiring marketable Treasury debt. While shorter-term marketable securities could be allowed to run off as they mature, longer-term issues would have to be retired before maturity through debt buybacks. The magnitudes are large: As of January 1, for example, there was in excess of three quarters of a trillion dollars in outstanding nonmarketable securities, such as savings bonds and state and local series issues, and marketable securities (excluding those held by the Federal Reserve) that do not mature and could not be called before 2011. Some holders of long-term Treasury securities may be reluctant to give them up, especially those who highly value the risk-free status of those issues. Inducing such holders, including foreign holders, to willingly offer to sell their securities prior to maturity could require paying premiums that far exceed any realistic value of retiring the debt before maturity."

http://www.federalreserve.gov/boarddocs/testimony/2001/20010125/default.htm
 
Once again I repeat :

CBO projects budget numbers always up to 10 years, they are not allowed to project any further because everyone knows that even for next 10 years their estimates are always way off.

This is also why everyone discussed how much ObamaCare will cost in the next ten years (CBO answer is save $200 billion, real answer is deficit $3 trillion)
 
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