Bush Debt Load Endorsed by Republicans Now Rejected: Taxes
When Republicans and Democrats describe each other’s budgets, a person could be forgiven for thinking the plans are as far apart as possible.
Republicans say putting the budget into balance by 2023 is necessary to help get the economy on track, with spending reductions alone and not raising taxes. Democrats say the cuts would hurt growth and instead want to stabilize the deficit in proportion to the size of the economy.
Not long ago -- and seemingly forgotten in the current debate about spending programs and tax reform -- Republicans said the deficits under George W. Bush were sustainable and in proportion to the size of the economy, while Democrats criticized Republicans and Bush for not reducing the deficit more quickly, Bloomberg BNA reported.
With the deficit-to-GDP ratio in fiscal 2012 at 7.0 percent, the switch in tone begs the question: Have times changed or have only the political winds shifted, reflecting the difference in control of the White House?
In July 2006, the Bush administration released its mid- session review, projecting a deficit of $296 billion, or 2.3 percent of gross domestic product, for fiscal 2006.
MORE...
http://www.bloomberg.com/news/2013-04-09/bush-debt-load-endorsed-by-republicans-now-rejected-taxes.html
