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Washington, D.C. - Once again, we have a budget that demonstrates the Administration’s ability to print pretty pictures and charts rather than their capacity to come up with a balanced budget. This did not have to happen. This budget creates a deficit in 2006 that is likely to top $400 billion in new debt, much of which will be purchased by China, Japan, and European nations. But the Bush Administration could have shown real leadership and suspended tax cuts for the most wealthy in our society which would have reduced the deficit and shown that it is not only brave American soldiers who are willing to share in sacrifices for this great country.
However, instead of Leadership, the Bush Administration has chosen to pander to the right-wing. The Republican budget slashes billions from homeland security, health care, and education where our failure to invest now will only cost us more in the future. Even veterans and military benefits are underfunded.
Meanwhile, the massive deficits in the President’s budget show that this Administration continues to borrow from the Social Security trust fund to find cash for the war with Iraq and to finance extending the Bush tax cuts for the wealthy. While President Bush says to the country that he wants to save Social Security, his budget in Washington continues to raid Social Security.
Along with the full color photos and poll tested headlines, the Bush Administration could not be bothered to give any sense of the full cost of the Iraq War or of Social Security reform. By leaving out the President’s most important domestic and foreign priorities, the Administration makes it impossible to take its budget seriously.
The one tax cut that the President does not want to extend in his budget is relief from the Alternative Minimum Tax. That would mean that taxes would go up for millions of middle-income families nationwide, particularly in New York and other high cost-of-living states. Extending tax cuts for the very richest but not for many middle-class families in New York and other states shows the Bush Administration’s true priorities.
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