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Have deficits lost their political sting? This Administration apparently thinks so. The budget proposal released by President Bush last week projects a deficit of more than $300 billion for each of the next few years. That's a far cry from Bush's election-year pledge to avoid red ink--though he now insists he made an exception for times of war, recession or national emergency. "A balanced budget is a high priority for this Administration," says Mitch Daniels, Bush's budget director. "It is not the top or the only priority." Republican consultants are betting the White House will...
While FAS has not run serious budget deficits since the early 1990s, in light of today’s souring economy, red ink is no shock. FAS should not fear running modest deficits in continuing its expansion—nor should it rule out borrowing to cover its expenses for a few years. The Faculty should be able spend smoothly through the economy’s upswings and downswings—a desirable practice for a college looking to grow...
With the Bush White House projecting a $304 billion federal deficit this year, plus annual flows of red ink as far as the eye can see, it's fair to say that Ross Perot's crazy aunt is back. In the 1992 campaign, the folksy, jug-eared Texas zillionaire rode public anxiety over the stagnant economy - specifically the burgeoning national debt he compared to a crazy aunt in the basement no one wanted to mention - to the best third-party showing in a presidential election in 80 years. Budget deficits became such a potent political issue that Bill Clinton...
...Have deficits lost their political sting? "The public still doesn't like red ink," says Frank Luntz, a GOP consultant who advised Perot. "But they're willing to pay now for national security, and an economic recovery, and deal with deficits later." The White House is betting Luntz is right. The deficits, Bush aides claim, are manageable; as a percentage of GDP, they still don't rival those faced by Ronald Reagan and the current president's father. "Nobody likes deficits, but the public will give this president the benefit of the doubt," adds one Bush adviser. "They liked Perot...
...that Bush's projected deficits don't even taken into account the cost of a war with Iraq (another $50-200 billion), or his promise to reform Social Security (estimated cost: $1 trillion). Not that the Democrats have a plan of their own to stem the flow of red ink, which would require spending cuts few are willing to embrace. Still, a growing deficit "is powerful short-hand for fiscal mismanagement and incompetence," says Jim Jordan, campaign manager for presidential hopeful Sen. John Kerry, with evident relish...