Bush's gift - a huge deficitFeb 3rd, 2008 - 04:52:57

This guy started the Presidency with a surplus, promised a series of deficit reductions, and now leaves large deficits going forwards thanks to his failure to wrap up Iraq in a timely manner. 'Success', this is NOT! Domestic spending is gutted, the interest on the debt will rise eventually despite an interest rate cut for now, and our borrowings from other countries to keep the economy going will grow. It's even worse at the State, County and City level, where they relied on revenue-sharing and cannot run deficits.

www.washingtonpost.com/wp-dyn/content/article/2008/02/02/AR200802020204 2.html

But even in the unlikely event that he were to get his way, the budget deficit would jump sharply, from $163 billion in 2007 to about $400 billion in 2008 and 2009 -- partly the result of the new economic stimulus plan. Such deficits would rival the record deficit of $412 billion of 2004, though administration allies argue that shortfalls of that size now represent a smaller share of the overall economy and are thus more manageable.

Still, the new budget underscores Bush's inability to get control of spending over the course of his seven-year tenure, a failure that has concerned even his conservatives allies. The problem is projected to get worse in coming years with the retirements of the baby-boom generation, a big obstacle to the ambitious tax-cutting or spending plans of the leading presidential contenders.

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SP4: Interesting, no?Feb 3rd, 2008 - 23:27:49

I always wonder what was said before the democrats voted to go into Iraq....'hey, guys! We can get this president to get rid of Saddam, and then we can use it to get him thrown out at the next election!'

How'd THAT work out?

Now, we spent 11 billion a month on this war, and I'd really have to ask what the end game looks like. Nonetheless, Hillary and the others RAN to greenlight this, knowing full well the consequences. Heck, it'd be worth voting democrat just to see the result!

Bush has had record employment, record tax receipts, record household wealth for most of his term in office. Too bad about the deficit, but there were about 20 dem senators that could have capped this anytime they wanted, but did not.

Now, the next guy gets to step up....

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