Kent Conrad: “That is exactly what he stated in 2002, small and short- term deficit. Now we are able to check that record. He made…”

“That is exactly what he stated in 2002, small and short- term deficit. Now we are able to check that record. He made that claim in 2002, the first year we were into deficit, after running surpluses in the years leading up to that. In 2001, the first year he was in office, the budget from the previous administration had a surplus. The next year, after his policies were adopted, we plunged into deficit. Then he told us that year the deficits were small and short term. The chart shows what has happened. The next year the deficit got much worse. In 2003, it was approaching $400 billion. In 2004, the deficits actually exceeded $400 billion. This year, the deficit is over $300 billion. Of course, much of the Katrina costs have not been included in this year's deficit because it will be coming next year. It is very interesting, the President was wrong about saying no deficits. We saw that in 2002. So in 2002 he said they will be small and short term. He was wrong again. Instead of small and short term, they are large and long lasting; in fact, the biggest deficits we have ever had in the history of the country.”