President Bush on balancing the budget

THEN: "Many of you have talked about the need to pay down our national debt. I listened, and I agree. (Applause.) We owe it to our children and grandchildren to act now, and I hope you will join me to pay down $2 trillion in debt during the next 10 years. (Applause.) At the end of those 10 years, we will have paid down all the debt that is available to retire. (Applause.) That is more debt, repaid more quickly than has ever been repaid by any nation at any time in history." (Applause.) 27 Feb 2001

NOW: "First, we must balance the federal budget. (Applause.) We can do so without raising taxes. (Applause.) What we need to do is impose spending discipline in Washington, D.C. We set a goal of cutting the deficit in half by 2009, and met that goal three years ahead of schedule. (Applause.) Now let us take the next step. In the coming weeks, I will submit a budget that eliminates the federal deficit within the next five years." 23 Jan 2007

Even though this new plan is much less ambitious, even its easier goal is sacrificed to continued tax cuts:

"In committing his Administration to a balanced budget by 2012, the President seems to be acknowledging that deficits matter. This is progress. But there are reasons to believe that the President's newfound interest in fiscal discipline is more cosmetic than real.

First, his budget is likely to achieve balance in 2012 only on paper — by leaving out key costs such as the cost of continuing relief from the Alternative Minimum Tax and by assuming unrealistically deep and unspecified cuts in domestic discretionary programs in years after 2008.

Second, and more important, the true test of the President's commitment to fiscal responsibility is whether he is willing to put all parts of the budget on the table — including both popular programs and taxes — to meet the nation's serious long-term budget challenges. Yet the President continues to insist that Congress permanently extend all of his tax cuts, which will cost about $300 billion a year and provide an average tax break of more than $150,000 a year to people with incomes of over $1 million."

http://www.cbpp.org/1-23-07bud-stmt.htm

I guess the M$M could report that the President is full of sh*t, but that wouldn't be "news" would it?

Out of $87 trillion, that is mere pittance.

of the 5.6 trillion dollars of Federal debt in 2001 only 3.17 trillion was held by the public. 2.45 trillion was in various trust funds.