Bush and Vice President Cheney have repeatedly
promised America that they would get their record-deficits
under control. Last year, President Bush said
"My Administration firmly believes in controlling
the deficit and reducing it." Similarly, Vice
President Cheney said "I am a deficit hawk. So
is the president." But according to congressional
sources, the government is soon expected to project
a record federal budget deficit, even as President
Bush demands more money for war in Iraq , and
a $1 trillion proposal for more tax cuts.
Associated Press reports the government will project
"that this year's federal deficit will exceed
$420 billion" - a record. The President last
year tried to deflect blame for the deficit, claiming
that "This nation has got a deficit because we
have been through a war. " While it is true
that the President has spent more than $166 billion
on the war, the statistics show that his failed
economic policies and massive tax cuts for the
wealthy are the largest factors contributing to
the fiscal demise. Even the White House budget
director essentially acknowledged the President's
dishonesty about the cause of the deficit, saying
"even if we had never been attacked, and incurred
no costs of war or recovery from September 11th,
and no tax relief had become law, we still would
have gone into deficit."
"The President's Budget Proposal," New York Times,2/04/03.
2. Transcript of Meet the Press, 9/14/03.
3. "Bush asks for $25 billion more for Iraq, Afghanistan
," CNN.com, 5/06/04.
4. "Bush wants tax cuts to stay," Washington Times,
5. "White House to project record deficit," Seattle
Post Intelligencer, 7/28/04.
6. President Discusses Plan for Economic Growth
in Ohio, Whitehouse.gov, 4/28/03.
7. "$166 Billion and Counting",Mercury News 9/15/03.
8. "Deficit Picture Even Grimmer Than New CBO
Projections Suggest",Center on Budget and Policy
9. Testimony of Mitchell E. Daniels, Jr. Director
of Office of Management and Budget Before House
Ways and Means, Whitehouse.gov, 2/4-5/03.
Posted: July 30, 2004