Bush: Worst Fiscal Squanderer in White House History

Dems: Bush most reckless spender in White House history

1:31 PM, July 28, 2008

Last week, in off-the-cuff remarks not intended for prime time, President Bush blamed Wall Street for being "drunk" with greed and urged the financiers to "sober up."

Today the Office of Management and Budget acknowledged that its budget projections for 2009 will be even higher than expected -- now estimated at a record $482 billion.

The White House blamed a weak economy, noting that "the housing slump, tighter conditions in credit markets and continuing energy price shocks have cut into the expected growth rate." And the OMB also lowered its economic growth forecast to 1.6% for this year.

But Democrats, led by Steny Hoyer, the Maryland Democrat who's No. 2 to House Speaker Nancy Pelosi, were incredulous. Rejecting White House arguments that the increased deficit stemmed from an economic stimulus package enacted by Democrats, Hoyer cited the numbers as "further evidence that the Bush administration is the most fiscally irresponsible administration in American history." Hoyer also said:

"George W. Bush inherited a projected 10-year budget surplus of $5.6 trillion, which he proceeded to turn into a projected deficit of more than $4 trillion. When President Bush took office in January 2001 the Congressional Budget Office projected a surplus of $635 billion in 2008 and $710 billion in 2009. Now, OMB projects deficits of $389 billion and $482 billion in those years respectively -- a swing of more than $1 trillion in each year."

Even Republican John McCain, campaigning for the White House as he seeks to distance himself from the incumbent, greeted the news as a bad report card on President Bush. The new estimates, he said, are a sad legacy. "There is no more striking reminder of the need to reverse the profligate spending that has characterized this administration's fiscal policy," he added.

But the line of the day goes to House Democratic Caucus Chairman Rahm Emanuel, the Illinois Democrat who once worked in the Clinton White House. Alluding to the surplus that Bush inherited on taking office in 2001, he said:

“The president who repeatedly pledged to cut the deficit in half has instead brought it to a record high. President Bush squandered a $236 billion surplus, ran up record deficits and added nearly $4 trillion to the national debt. Mr. President, we will be forever in your debt.”

-- Johanna Neuman