1.   Absent that, the surplus has evaporated, the White House conceded.

2.   But with the government surplus evaporating and many investors betting on a recovery, long-term interest rates are rising.

3.   If he cuts taxes too far without cutting spending, the surplus will eventually evaporate, deficits will swell and higher interest rates will choke the economy.

4.   Q. If the non-Social Security budget surplus has evaporated, what happened to it?

5.   The early spin is that unexpected economic and geopolitical events are causing the surplus to suddenly evaporate, but this is silly.

6.   The surpluses could evaporate if the economy turns down or if Congress spends at higher rates than now assumed.