About that drive to cut the deficit in half…

It probably didn’t generate the kind of attention it deserved, but the non-partisan Congressional Budget Office took a close look at Bush’s budget — the one the White House insists will start the government on the road to cutting the deficit in half — and couldn’t help but notice that it’s a disaster.

The analysis of the President’s budget released on March 4 by the Congressional Budget Office confirms that the President’s budget does not reduce the deficit. In fact, according to CBO, adoption of the policies proposed by the President would increase the deficit by $104 billion over the next five years (2006 through 2010) and $1.6 trillion over the next 10 years (2006 through 2015), compared with the deficits that would occur if there are no changes in current policies.

The bulk of this increase in projected deficits was hidden in the President’s budget, because that budget only showed deficits through 2010. Although it was clear to observers that the tax cuts proposed by the Administration would push deficits up after 2010, the CBO estimates show for the first time how large the increases in the deficit would be in the five years following the years shown in the President’s budget.

It’s an interesting little rub to the Bush scheme: emphasize the next five years, but ignore questions about what would happen immediately afterwards. It makes Bush’s talk about making sure we don’t pass on our problems to future generations all the more entertaining.

Keep in mind, the CBO report is, if anything, conservative. It’s based on assumptions that the deep spending cuts that Bush has proposed will pass Congress, which seems highly unlikely. It’s also based on a projection that spends literally nothing in Iraq or Afghanistan.

And what are Republicans planning to do with this news? Debate whether to cut taxes a little or a lot. The mind reels.