AUSTIN, Texas -- My fellow Americans, the state of the union's finances is enough to make an Enron accountant gag. When George W. Bush took office, he was handed a going concern. Projected annual surpluses from 2002 to 2011 were $5.6 trillion. In its most recent projection, the Congressional Budget Office says it expects $1.4 trillion in total deficits from 2004 to 2013. Bush's new future spending proposals -- including everything from the goofy manned-flight-to-Mars to the promotion of marriage -- already total an additional $2 trillion.
When Bush took office, the national debt was $5.7 trillion and his first budget proposed to reduce it by $2 trillion over the next decade. Today, the debt is $7 trillion. Last year, Bush predicted a deficit of $262 billion. According of the CBO, the deficit is currently $480 billion. Bush plans to cut biomedical research, health care, job training and veterans funding, and that still leaves a projected deficit of $450 billion.
