Massive deficits projected for Bush budget
Figures exclude possible war with Iraq
President Bush's proposed new round of tax cuts and the rest of his budget would produce a string of federal deficits over the coming decade totaling $1.82 trillion, the nonpartisan Congressional Budget Office projected on Friday.
The bleak forecast, obtained by The Associated Press, could heighten pressure on the Republican-led Congress to shrink the president's tax-cutting plans so lawmakers can produce a budget of their own that charts a course back to eventual balance.
Bush has proposed $1.57 trillion in fresh tax reductions through 2013 -- including a $726 billion economic package -- that has drawn opposition from nearly every congressional Democrat and some moderate Republicans.
The congressional analysts projected that under Bush's proposed tax and spending plans, there would be deficits of $287 billion this year and $338 billion in 2004. They would then begin a gradual decline to $102 billion by 2013.
The largest shortfall ever was $290 billion in 1992.
The figures exclude the costs of possible war with Iraq and its aftermath, which analysts and government officials have said could exceed $100 billion [Sorry, I forgot to add the link -- now I don't remember where I got this one]
Ok, let's think about this. If you go back to the Vietnam war, when deficits became a yearly norm, what party has held the Whitehouse the most? The answer of course is the Republicans. Out of 35 years the Republicans have controlled the Oval Office for 23 of those years. If you look at the budgets, only Clinton was able to maintain surplus spending. So what does Bush do, he runs out and grants a massive tax break to all his rich friends, and business people. The benefit has been zero. The result is massive deficits, and a lack of support from Greenspan, and a growing number of Republicans (we know where the Democrats stand). We also now have the bizzare image of Republicans arguing in favor of deficit spending.
Do the math, this administration just doesn't add up. Add to that a foreign policy that ignores Powell, in favor of the Hawks. Look at how North Korea has been bungled. This mess is firmly at the feet of this administration. Relations, and the threat to peace all started down the slope after Bush made his moronic "Axis of Evil" speech. Good job Mr. President, following in the footsteps of Caligula. One of Caligula's favorite sayings was "Oderint dum metuant", meaning "Let them hate us as long as they fear us". What happened to Rome?...mj
4:36:44 PM 
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