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Bush Leaving Next President Record Federal Budget Deficit Approaching $490 Billion

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Bush Leaving Next President Record Federal Budget Deficit Approaching $490 Billion: The next president will inherit a record budget deficit of $482 billion, according to a new Bush administration estimate. A Bush administration official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A $482 billion deficit approaching billion would easily surpass the record deficit of $413 billion set in 2004.

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UnDave35 UnDave35 9 years
I hadn't heard that until I saw the commercial on the Comedy Channel last night.
raciccarone raciccarone 9 years
I recall people said that they'd vote for Bush because they felt he was "someone you could have a beer with". This is one expensive beer.
UnDave35 UnDave35 9 years
I agree. It was Congress and the President working together (Or keeping each other in check) to spend less that got us that surplus.
lilkimbo lilkimbo 9 years
Oh yeah, I'm not saying that Bush is not to blame, just that he's not solely to blame. And, conversely, that Clinton is not the sole reason we were operating at a surplus at one point.
UnDave35 UnDave35 9 years
While I agree with lilkim, I gotta put most of the blame on Bush, and the Republicrap party. 2001-2005 they had control, and could've reduced spending, in spite of the war. They chose to spend money like a Democrat, and W just signed the bottom line. That would be why they are no longer in the majority in Congress.
lilkimbo lilkimbo 9 years
I think it's inaccurate to say that Clinton was fully responsible for the surplus and that Bush is fully responsible for the deficit. Congress makes a lot of the decisions as far as where money goes and how much.
stephley stephley 9 years
Are we better off?
Beauty Beauty 9 years
President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion. — CNN, September 27, 2000. Thanks, George!
Jude-C Jude-C 9 years
"The new figure actually underestimates the deficit, since it leaves out about $80 billion in war costs. In a break from tradition (and in violation of new mandates from Congress) the White House did not include its full estimate of war costs."
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