The federal government’s budget deficit for the month of July reached $54.2 billion, almost double the deficit for July 2002.
This means, for the year so far, the deficit is $324 billion. This easily eclipses the old record of $290 billion from the final year of the other President Bush’s term.
Keep in mind, of course, the year isn’t over yet.
At this rate, the Bush administration will have little trouble reaching the projections of a $400 billion deficit this year.
And for those of you keeping score at home, when Bush took office there was a $236 billion surplus, handed to him on a silver platter by President Clinton. In his first address to Congress — less than three years ago — he described deficits as “dangerous” and promised to pay down “an unprecedented amount of our national debt.”
Record deficits in record time. Bush should be very proud. It’s quite an achievement.