Bush sent his 2009 budget to Congress and it is a JOKE. The problem is it will not be funny for any GOP members of Congress who are running in November 2008.
His budget proposes a $400 Billion deficit AFTER he has cut of almost $200 Billion from Medicare and Medicaid. No member of Congress running for reelection could embrace such a budget. The deficit is outrageous and to cut Medicare in an election year would be suicide. Bush is not showing how his proposed Medicare cuts are the result of efficiency but would reduce payments to hospitals and doctors as the number of retired drawing from Medicare grows. He also proposes cuts for health care for the poor and given the economic conditions that is likewise a non starter.
Bush and the GOP have created the perfect Storm. All their promises about the strength of the economy are out the window. Last week I saw Bush, as he announced the net loss of jobs, with fear in his eyes and perspiration on his face while he admitted that our economy is in trouble. The second interest rate cut in 10 days shows the Fed is also scared.
Bush will turn over to the new President a set of problems that has not been seen since 1932. The GOP would do well to write off the 2008 election!