July 28, 2008
Not too long ago, Bush would brag in speeches, in a manner that indicated that he expected applause, that he was going to "cut the deficit in half before his term in office was up." Now this was an extremely modest goal, especially considering that he had entered office with a large budget surpluses and that deficit he was cutting in half was of his own creation. But that thudding sound you hear is the Bush Administration was tripping over that very low bar. The White House is now predicting a $482 billion deficit with more on the way. A new record! Good job kids, good job.