Today the nonpartisan Congressional Budget Office projected that the federal budget deficit will reach $477 billion in 2004 and $2.4 trillion over the next decade. If the Bush tax cuts are made permanent, the deficit will be $443 billion in 2014. Bush and his administration officials like Treasury Secretary John Snow, meanwhile, continue to hold dear their claims, which are flat-out false, that they will cut the deficit in half over the next five years and keep the deficit to 2 percent of the gross domestic product.
"Make no mistake; President Bush is serious about the deficit," Snow said.
(But what about Cheney? Bush's former treasury secretary Paul O'Neill reported that Cheney said President Reagan proved "deficits don't matter.")
Bush's continued fiscal mismanagement has reached fever pitch. The bottom line: Bush has created a $8.5 trillion fiscal collapse in just two years. The mind boggles.
Frankly, we agree with Senator Kent Conrad (D-ND): "The president wants to go to Mars, and he's got deficits going to the moon."
WORDS AND LINKS COURTESY OF THE DNC KICKIN' ASS BLOG at:
http://www.democrats.org/blog/