Over a ten-year period, the latest tax cuts are estimated to cost nearly $1.5 trillion, and they come on top of tax cuts passed in the first months of Mr Bush’s presidency which will cost $1.35 trillion over a decade.
The long run of forecast deficits reminds some of the Reagan administration in the 1980s, which lumbered successive governments with deficits that took years—and enormous political effort—to reverse.
George W. Bush's one-year budget deficit of $307 billion for 2003 — the highest in history — will break the previous record set by his father (AP via SFGate.com) before the cost of the Iraq invasion is factored in:
President Bush will project a record $307 billion federal deficit for this year in the budget he sends Congress on Monday, followed by another huge shortfall of $304 billion in 2004, congressional and administration officials said Friday.
[...]
The figures, disclosed by officials speaking on condition of anonymity, include the costs of Bush initiatives like tax cuts for stimulating the economy and extra spending for the military and domestic security. They exclude the price tag of a possible war with Iraq, estimated to be at least tens of billions of dollars.
The biggest shortfall ever was $290 billion in 1992, when Bush's father was president.
The Republican Party is double-crossing the American people with their preposterous self-serving charades. The lone president who managed to balance the budget and deliver a surplus in the last few decades was the same one they tried to impeach.
They are not interested in the financial health of this nation. They are not responsible human beings.
To further enrich the rich and to subsidize the energy and defense industries, they are borrowing against your children's wages — because their children will be living on tax-free dividends and inheritances.
