Deficit nears level of early 1990s

[UpInArms]

http://www.usatoday.com/news/washington/2003-09-08-deficit_x.htm

President Bush's request for an additional $87 billion for Iraq and Afghanistan threatens to push the federal budget deficit into territory it last visited in the 1980s and early 1990s, when deep anxiety about the red ink touched off devastating budget wars that helped topple the first President Bush.

Then, Congress and the White House agreed to painful spending cuts and tax increases in an effort to rein in deficits that rose to almost $300 billion a year.

<snip>

But the buck stops at the White House. Bush was the biggest advocate for tax cuts totaling more than $1 trillion over the next decade, and critics note he has yet to veto a single, major spending bill.

•Economy. The bond market will be a key warning sign. Bond-holders, whose bonds would quickly lose value in the event of an out-of-control borrowing binge that would swamp the credit markets, would bolt if they thought was likely. But over the past two years, the bond market has hardly flinched as forecasts of surpluses turned into predictions of deficits.

...more...

and then see the story about the bond market tanking at

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=103646

[Skittles]

1. GEE. WHO WAS PRESIDENT IN THE EARLY 90'S

LET ME THINK

[diplomats]

2. What do thet mean, an threat?

The deficit has already way surpassed the record set in 1992.

[OldCurmudgeon]

3. perhaps..

as a percentage of GNP? In "constant dollars"?

You're right, we're looking at the largest deficit EVER in absolute terms. And even if you squint funny and stand on one leg and try various other contortions, it's still looking like the biggest ever.

I can't wait for the next talking point from the Rovebot: "well, it's still a smaller deficit than the Galactic Overlord Zrezian had for the Andromeda sector! (when measured in Yap giant stone disks) So there!"

[benfranklin1776]

5. LIke father like son

The irresistible temptation to practice voodoo economics runs in the family gene-cesspool.

[unblock]

4. this bush will NEVER sign a major tax hike like poppy did

that's the single biggest mistake of all his father's mistakes he's vowed not to make himself.

they will engineer a republican budget that include tax hikes (or tax cut rollbacks) and otherwise gets the deficit under a semblance of control, and they will pass it OVER BUSH'S VETO.

mind you, the bush cabal will be working behind the scenes to ensure that the veto is, in fact, overridden. he will get the tax hike he need to get, but still have a veto to show the public that he opposed it.

he pulled this sort sh*t all the time in texas.