Record Deficit Brought By George Bush's Budget

As the period of the current American President George Bush is coming to an end more and more black holes in the budget appear. Despite of rosy economic forecasts, that deficit in 2008, which represents $410 billion, will be reduced to $407 billion in 2009, they somehow, don't count with the war costs in Iraq and Afghanistan. More like a fairytale sounds Bush's promise from 2006 of a $48 billion surplus by 2012.

This calculation was based on the fact, that the war would cost only $70 in 2009 and nothing after it, that is for rights protecting American policy, of course unimaginable mystification. To cover the deficit, Bush tries to cut off more than 151programs to save $18 billion next year. Feverish searching for funds interferes all sorts of Medicare and popular domestic programs, for example, decline a universally supported food program for poor pregnant women and their children, cutting off the medical programs for veterans, followed by freezing of research grants. He motivates his budget message by creating the conditions for economic growth, keep taxes low and spend taxpayer dollars wisely or not at all.

More pragmatic is the opinion of Sen. Judd Gregg of New Hampshire, top Republican on the Budget Committee. He says that the deficit is not going to decline with the stimulus package and with the continuing war costs "In fact it's going to get very serious when you're hitting $400 billion deficits," he says. What is for sure, except of a comfort of new presidential office, the former head of the U.S. will face very difficult situation of managing the total federal debt of $5.9 trillion in 2009 - including foreign governments.

By Milota Sidorova; edited by Iveta Nagyova

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