During the 2004 election campaign, President George W. Bush pledged to halve the federal deficit, which had ballooned during his first term, by the end of his second. Lots of people--among them this particular economic journalist--scoffed.
The doubters were wrong. The Congressional Budget Office predicts that the deficit for the fiscal year that ends in September will be $177 billion--less than half the $413 billion deficit of fiscal 2004. The President will, by all appearances, not only meet his pledge but do so two years early.
He certainly didn't accomplish this by cutting spending--federal expenditures are up 19% since 2004, to...
To continue reading:
or
Log-In
