Before talking about Bush’s latest deficit numbers, let’s take a stroll down memory lane to review what Bush has said about deficits in the past.
For example, here was Bush on August 23, 1997:
“All Republicans believe in a fiscally sound government. American families balance their budgets and pay their bills, and the federal government must do so as well. Living within our means, means better living for the families of America. Interest payments on our national debt are now our nation’s largest expenditure. What a waste of taxpayers’ hard-earned dollars.”
On Feb. 3, 1997:
Bush voted for a Republican Governor’s Association resolution supporting a balanced budget amendment to the U.S. Constitution as a step “toward improving the economic prospects of all Americans, especially middle-income families and the disadvantaged.”
“Unrestrained government spending is a dangerous road to deficits, so we must take a different path.”
On January 29, 2002:
“[O]ur budget will run a deficit that will be small and short-term.”
On Feb. 3, 2003:
“My administration firmly believes in controlling the deficit and reducing it.”
And finally, reality:
The White House will project soon that this year’s federal deficit will exceed $420 billion, congressional aides said, a record figure certain to ignite partisan warfare over President Bush’s handling of the economy.
Sure, this news is obviously an example of Bush’s economic policies failing to a historic degree, as well as a pretty clear example of a major-league flip-flop. But in this particular case, it’s more than that.
The White House was supposed to provide this information to Congress on July 15, but it appears that Bush and his aides didn’t want the Dems to use the new number at the convention. As a result, the annual budget analysis will be released tomorrow, just one day after the convention wraps up. What a coincidence.
Ever the optimists, the White House is ready to spin the bad news.
[T]he White House was ready to emphasize that the figure is well below the $521 billion it projected for this year last February, and tie it to improvements in the economy.
“It is hard to disregard the strong progress made on the economy and our fiscal situation,” [White House budget office spokesman Chad] Kolton said Tuesday.
Classic Bush thinking. After promising balanced budgets, Bush has delivered the biggest budget shortfalls in the history of the world. And, to the Bush White House, the results are a sign of “strong progress” because the deficit isn’t even bigger.
Remember when Republican Party was the one concerned with fiscal responsibility? Yeah, neither do I.