Nothing in the administration’s deficit announcement changes the failed fiscal record of President Bush. He has increased spending by nearly 50 percent since taking office, while at the same time repeatedly cutting taxes primarily on the wealthiest. The result has been that the $5.6 trillion projected surplus he inherited has been wiped out. And debt has exploded on his watch –- rising from $5.8 trillion in 2001 to approximately $9 trillion by the end of this year.
The President has no credibility when it comes to fiscal matters. His focus on the short-term simply serves as a distraction from the continued long-term budget deterioration. And once again he has played this game of inflating his February deficit estimate so that he could claim an improvement now and later in the year.
The American people deserve better. They deserve a President who acts fiscally responsible instead of just talking about it. And they deserve a President committed to working with Congress on a bipartisan basis to confront all of the fiscal challenges still facing our nation.