] Bush has since said that his optimism about budget
] deficits was based on the assumption that the economy
] would not hit a "trifecta" of trouble: recession,
] national emergency and war. But in February 2002 -- after
] the recession was declared, the terrorist attacks had
] occurred and war had begun in Afghanistan -- the
] administration continued to have upbeat predictions.
] Although it forecast a $106 billion deficit in 2002, it
] saw the deficit shrinking to $80 billion in 2003, $14
] billion in 2004, and becoming a surplus of $61 billion in
] 2005. Those figures, too, quickly became seen as overly
] optimistic, as tax receipts continued to come in lower
] than expected. A year later, in 2003, the administration
] predicted a deficit of $304 billion for 2003 and $307
] billion for 2004. In reality, the 2003 deficit was $375
] billion, and the White House now expects a deficit of
] $521 billion for 2004.

[ I think we should remember Bush as "the Fiscal Responsibility President". He's leading by example - an example of how not to run an economy. -k]