For Bush, Huge Federal Deficits May Be One of His Legacies An AP News Analysis - from TBO.com

For Bush, Huge Federal Deficits May Be One of His Legacies An AP News Analysis - from TBO.com:

"WASHINGTON (AP) - President Bush frequently says he wants to solve big problems like Social Security's finances, not pass them on to future generations. It appears unavoidable, however, that Bush will leave a painful legacy of staggering government debt.

What was once expected to be a $5.6 trillion surplus over 10 years is now projected to be at least a $4 trillion deficit by 2015, if Bush's tax cuts are made permanent and his Social Security suggestions adopted.

Analysts suggest one-party dominance of the government is working against serious efforts to address the red ink, providing little incentive for bipartisan compromises on difficult choices to narrow the deficit.

'Everybody recognizes that deficits are unsustainable. And I don't think anybody takes the current deficit-reduction effort serious,' said Robert Bixby, executive director of the Concord Coalition, a bipartisan group that advocates eliminating federal deficits.

Bixby said it might take some major outside force - a financial market collapse, foreign investors deciding to flee U.S. government securities - to force action."