Bush Hails ‘Fiscal Responsibility’ As GAO Warns of ‘Ever-Larger’ ‘Out of Control’ Deficits

A follow-up to a report published by the GAO.

President Bush on our country’s fiscal health, 9/15/06:

If the American people would take a step back and realize how effective our policies have been, given the circumstances. … I’ve strongly believed the reason it is because we cut taxes, and at the same time, showed fiscal responsibility here in Washington with the people’s money. That’s why the deficit could be cut in half by 2009, or before.

Government Accountability Office on our country’s fiscal health, 9/15/06:

GAO’s current long-term simulations continue to show ever-larger deficits resulting in a federal debt burden that ultimately spirals out of control. … [U]nder either optimistic (”Baseline extended”) or more realistic assumptions, current fiscal policy is unsustainable. … The question is how our current imprudent and unsustainable path will end. At some point, action will be taken to change the Nation’s fiscal course.

Earlier post on the GAO report