Making It Up to Push Deficit Reduction: NYT Version

The NYT ran an AP article on the new long-term budget projections from the Congressional Budget Office (CBO) that began:

"The national debt is on pace to equal the annual size of the economy within a decade, levels that could provoke a European-style crisis unless policymakers take action on the federal deficit, according to a report by the Congressional Budget Office."

This is not true. The CBO report did not warn of "a European-style crisis." The reason it did not is that a European...