Kent Conrad: “Today, I would like to respectfully offer the other side of the story and what I view as a very dangerous course the…”

“Today, I would like to respectfully offer the other side of the story and what I view as a very dangerous course the Nation is pursuing under the leadership of President Bush. Earlier this year, on August 30, the President was on the NBC ``Today'' show and the host asked him this question: Let me ask you about deficits. This year, $445 billion. Ballpark, do you think that's pretty good? President Bush: Yes. I do, I do. That is an odd sense of accomplishment because that is the biggest deficit in the history of the United States. The deficit that is now estimated to be some $422 billion we know is going to be larger because we are funding some of next year's defense money this year because of mounting costs in Iraq. But even at the $422 billion figure, that is the largest deficit in the Nation's history, and by a big margin. Last year, under President Bush's fiscal plan, we had what was then a record deficit of $375 billion. Now it has increased to $422 billion. But frankly, that understates how serious the situation is. By contrast, if you go back to the Clinton years, each and every year of the Clinton administration the deficits were reduced and held for a 3-year period. We actually ran budget surpluses. This President has punched us back into deficit, and by a country mile.”