Bush touts fourth-largest deficit in US history

RAW STORYPublished: Tuesday July 11, 2006

President Bush today held a press conference boasting of a reduced US defecit--even though it is still the fourth largest defecit in American history, RAW STORY has learned.

"This good news is no accident," Bush told taxpayers from the East Room of the White House.

"It's the result of the hard work of the American people and sound policies in Washington, D.C."

Although Bush inherited a budget surplus, and a national debt that had dwindled in both of Clinton's terms, his administration has since seen a ballooning defecit and record debt. The nation's three highest deficits were seen under Bush.

"The increase in tax revenues is much better than we had projected," the President explained, "and it's helping us cut the budget deficit."

If the deficit this year matches the expectations Bush is touting, it would come in as the fourth highest ever, at $296 billion.

"Starting in 2001," Bush stated, "my administration worked with the United States Congress, and we delivered the largest tax relief since Ronald Reagan was in the White House."

The national debt increased 11.3% in Reagan's first term, and another 9.3% in his second.

"In order to reduce the deficit," Bush added, "you got to set priorities, and in working with Congress we've set clear priorities. And the number-one priority of this administration and this Congress is to make sure men and women who are defending the security of the United States and hoping to spread peace through the spread of liberty get all the help they need from our government... Every year since I took office, we've reduced the growth of discretionary spending that's not related to the military or homeland security."

"Philosophy's clear," he later added. "Every American family has to set priorities and live within its budget, and so does the federal government."

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