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Washington's Biggest Deficit Is The Shortfall Of Courage.(A)(NATIONAL ISSUE)
Byline: STEPHEN MOORE
The new estimates by the federal budget office that the budget deficit this year will reach $400 billion and next year will reach $500 billion should be a major source of embarrassment to the Republicans in Washington -- assuming they have any fiscal conscience left to embarrass.
President Bush and Congress have simply refused to make fiscal choices -- they have cut taxes, increased the military budget, the foreign aid budget and increased social spending all at the same time. Now we are swimming in red ink.
Next month they are set to enact a $460 billion Medicare bill to provide drug benefits to the wealthiest age group in America. This will be the biggest new entitlement program in 25 years.
The tide of red ink will rise even higher, with economists at the National Center for Policy Analysis suggesting that the debt from this program could exceed $3 trillion over the next 50 years.
Should Be Ashamed
The new Congressional Budget Office numbers gloomily inform us that in Bush's four years in office, the budget will be up by $500 billion. That's a bigger increase than the amount the budget grew in Bill Clinton's eight years in office. It's hard to imagine that the budget would grow that fast even if Carol Moseley Braun had been elected to the White House.
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