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SOTU: Bush Has Overseen Skyrocketing Deficits, Slow Economic Growth

By ThinkProgress on January 23, 2007 at 9:15 pm

"SOTU: Bush Has Overseen Skyrocketing Deficits, Slow Economic Growth"

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Bush said: “A future of hope and opportunity begins with a growing economy — and that is what we have. … This economy is on the move — and our job is to keep it that way, not with more government but with more enterprise.”

FACT — BUSH’S TAX CUTS THE LARGEST CONTRIBUTOR TO BUDGET DEFICITS: Tax cuts “have been the single largest contributor to the reemergence of substantial budget deficits.” “Between 2001 and 2006, the passage of the Bush tax cuts without the offsetting savings have cost $1.2 trillion in lost revenues, or more than 80 percent of the cumulative deficit during this period.” [Center for Budget and Policy Priorities, 10/12/06; Center for American Progress analysis, 1/22/07]

FACT — DEFICITS HAVE MUSROOMED UNDER BUSH: Bush has “never proposed a balanced budget since it went into deficit, never vetoed a spending bill when Republicans controlled Congress and offered little sustained objection to earmarks until the issue gained political traction last year.” “The budget outlook for the period 2002 to 2011 deteriorated by $8.5 trillion from 2001 to 2006 and for 2006, it decreased by $753 billion.” [Washington Post, 1/4/07; Center for Budget and Policy Priorities, 12/13/06; Center for American Progress analysis, 1/22/07]

FACT — ECONOMIC GROWTH HAS BEEN RELATIVELY SLOW UNDER BUSH: Economic growth fell to 2 percent in the third quarter of last year, following 2.6 percent growth in the second quarter and a surprisingly strong first quarter growth of 5.6 percent. “This was the first time in more than three years that the economy registered two consecutive quarters of growth below three percent.” [CBS News, 12/21/06; Center for Amercan Progress analysis, 12/21/06]

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