Bush Legacy: US Awash in Ugly Red Ink

President came in with budget surplus, will leave massive debt

By Jim O'Neill, Newser User

Posted Jan 23, 2008 5:30 PM CST

(Newser) – Washington’s sea of red ink is getting deeper as President Bush plans tax cuts and spending bumps to stimulate a foundering economy. Bush's policies have created a fiscal morass that puts his successor, Democrat or Republican, in a deep fiscal hole, and makes delivering on campaign promises difficult, Bloomberg reports. “History will treat him harshly,” one expert said.

The deficit Bush leaves to his successor could eclipse the record $413 billion of 2004, especially if a recession further trims tax revenues. Critics say Bush cut taxes too deeply upon taking office and blew a chance to shore up Social Security. Supporters say Bush kick-started the economy in 2001 and had to increase military spending after the '01 terror attacks.

US President George W. Bush, center, views a handwritten copy of the Koran as he tours Al Murabba Palace and Natural History Museum, Tuesday, Jan. 15, 2008, in Riyadh, Saudi Arabia. Al Murabba is the... (Associated Press)

US President George W. Bush talks during a joint press conference with Egyptian President Hosni Mubarak, unseen, following their talks in Sharm el-Sheikh, Egypt, Wednesday, Jan. 16, 2008. (AP Photo/Nasser... (Associated Press)

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Bush Legacy: US Awash in Ugly Red Ink

President came in with budget surplus, will leave massive debt

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Bush administration • Bush legacy • budget deficit • economic stimulus package

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Bush: I'm Done With Politics

W. says he won't campaign, fundraise, or criticize Obama

Deficit's Not a Dirty Word

'There's smart debt and stupid debt'

'Shameless' Karl Rove Wrong on Budget

White House honcho blasts defense of Bush

House Narrowly OKs $174B Job-Focused Stimulus Bill

Irate GOP calls measure 'son of stimulus'

Record $1.4T Deficit Imperils Recovery

Gap dwarfs FY2008 figure, spells trouble for new stimulus plans

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Bush Legacy: US Awash in Ugly Red Ink

President came in with budget surplus, will leave massive debt

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OTHER STORIES ON OUR RADAR

Bush administration • Bush legacy • budget deficit • economic stimulus package

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Bush: I'm Done With Politics

W. says he won't campaign, fundraise, or criticize Obama

Deficit's Not a Dirty Word

'There's smart debt and stupid debt'

'Shameless' Karl Rove Wrong on Budget

White House honcho blasts defense of Bush

House Narrowly OKs $174B Job-Focused Stimulus Bill

Irate GOP calls measure 'son of stimulus'

Record $1.4T Deficit Imperils Recovery

Gap dwarfs FY2008 figure, spells trouble for new stimulus plans

About Us

Site

Newser By Users

Community

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What is Newser?