Tuesday, February 05, 2008

Fiscal Conservative? an oxymoron

A LOOK AT SPENDING DURING THE BUSH PRESIDENCY

This shows the amount of spending and the size of the deficit during President Bush's two terms in office, how the president proposes to allocate the federal budget in his last year in office and the administration's track record in estimating the federal deficit from fiscal year 2002 through fiscal year 2007. The president's spending request to Congress is the first step in a lengthy budget process. Fiscal year 2009 begins Oct. 1, 2008.

Bush's proposed 2009 spending: Total $3.1 trillion

Discretionary spending $1.2 trillion
Defense and Homeland Security: $730 billion
Discretionary domestic programs: $482 billion

Mandatory spending $1.6 trillion
Social Security: $644 billion
Medicare $408 billion
Medicaid and SCHIP $224 billion
Other $360 billion

Net interest: $260 billion

Federal budgets, deficits during the Bush years

2002
Spending: $2.01 trillion
Deficit: $157.8 billion

2003
Spending: $2.16T
Deficit: $377.6B

2004
Spending: $2.29T
Deficit: $412.7B

2005
Spending: $2.47T
Deficit: $318.3B

2006
Spending: $2.66T
Deficit: $248.2B

2007
Spending: $2.73T
Deficit: $162B

2008 (estimated)
Spending: $2.93T
Deficit: $410B

2009 (estimated)
Spending: $3.11T
Deficit: $407.4B

Comparing deficit estimates
Estimated deficits in Bush's original budget, compared with what the actual deficits turned out to be: (in billions)

2002
Estimated deficit or surplus: $231.2
Actual deficit: -$157.8

2003
Estimated deficit or surplus: -$80.2
Actual deficit: -$377.6

2004
Estimated deficit or surplus: -$307.4
Actual deficit: -$412.7

2005
Estimated deficit or surplus: -$363.6
Actual deficit: -$318.3

2006
Estimated deficit or surplus: -$390.1
Actual deficit: -$248.2

2007
Estimated deficit or surplus: -$354.2
Actual deficit: -$162.0

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