Back on Jan. 31, the President gave a quaint little speech called the State of the Union. During this speech, Bush claimed his budget cut spending and kept the nation on track to cutting the deficit in half by 2009. How glorious it sounded! We would finally break the cycle of fiscally screwing future generations.
If you wish to keep this warm feeling, do your best to ignore Bush's signature on a bill endorsed March 20 that allows the ceiling for the deficit to increase to $8.965 trillion. This permits the government to borrow another $781 billion and pretty much guarantees another increase next year. The latest increase will fund previous tax cuts and spending increases.
Apparently the administration subscribes to the mantra you have to spend money to make money,\ as this marks the fourth raised deficit limit during Bush's presidency.\
