Bush administration admits to record deficits

Jeez, it looks as though the GOP is losing the press. Their spin on the upcoming budget deficits isn't getting much respect.

And why do the Republicans need to spin the deficit? Because it'll be in the range of $400-450 billion each of the next two years (probably more) -- far surpassing the previous record of $290 billion notched by papy Bush. And far surpassing the administration's previous bogus estimate of $300 billion.

So what is the aforementioned GOP spin?

Republicans say the more important measure of red ink is how it compares to the size of the U.S. economy, because that illustrates the government's ability to afford carrying the debt.

And the AP reporter's response?

Even gauged that way, a shortfall 4 percent as big as the economy — as this year's and next's will probably be — begins to approach the dimension of the deficits of the 1980s and early 1990s that both parties agreed were untenable.

True, true. And yeah, I'm as shocked as you that the GOP spin wasn't unquestionably accepted. But the GOP has blown away any semblance of rationality.

And the kicker -- those deficit numbers don't include the costs of war in Afghanistan and Iraq. That's $48 billion/year, according to Rumsfeld's numbers, pushing the deficit to a potential mind-boggling $500 billion.
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