"ABC: Without ‘creative White House accounting,’ Bush’s deficit is actually $600 billion."
Yesterday, the White House “increased its estimate for next year’s deficit to nearly $490 billion, a record figure that will saddle the next president with deepening budget problems in his first year in office.” But, on ABC News’s Good Morning America today, Claire Shipman reported that the deficit is actually much higher because “creative White House accounting” didn’t include the war, the unemployment costs, Medicare fees, or the housing bill in its calculations. If those numbers are included, it brings “the grand total to about $600 billion.” Watch it:
To illustrate how big the deficit is, Shipman explained: “If every American were to pitch in 2,000 dollars, we could pay off this year’s deficit. Or if we handed over each of us 500 gallons gasoline. Or, in terms we can all really understand, if every American gave up 666 lattes for a year.”