State of the Union address: on Budget & Economy
George W. Bush:
FactCheck: Overall spending increased 42% under Bush
The President, speaking of being “good stewards of tax dollars,” focused on one small part of the budget and did not mention rapid growth in overallfederal spending that has taken place under his tenure. He said “we’ve reduced the growth of
non-security discretionary spending,” which is true. However, that category accounts for only about 16% of the whole federal budget, and it too has grown, though not as rapidly as other categories. Bush said bills were passed last year that would
actually cut this category, and that is correct. The decline is projected to be 0.5%. Overall federal spending is up 42% under Bush, and CBO projects further upward pressure on spending, including rising interest rates pushing up the cost
of servicing the swelling national debt, and rising medical costs and Bush’s new prescription drug benefit pushing up the cost of Medicare. (Neither item is counted in the “discretionary” category).
Source: FactCheck analysis of 2006 State of the Union speech
Feb 1, 2006
George W. Bush:
FactCheck: Deficit is increasing substantially this year
The President proposed cutting $14 billion worth of programs and said this would keep the US “on track to cut the deficit in half by 2009.”
Not mentioned is that the deficit is going up this year. It was $317 billion in the fiscal year that ended last Oct. 30, and
CBO projects that this year’s deficit will be at least $337 billion, and probably $360 billion by the time added money is approved for flood insurance and military operations in Iraq and Afghanistan.
CBO currently projects the deficit to decline to $241 billion in fiscal 2009, but that doesn’t include the effects of making Bush’s tax cuts permanent, something Bush urged strongly in his speech.
Source: FactCheck analysis of 2006 State of the Union speech
Feb 1, 2006
George W. Bush:
Protectionists want to escape competition
In a dynamic world economy, we are seeing new competitors like China and India. And this creates uncertainty, which makes it easier to feed people’s fears. So we’re seeing some old temptations return. Protectionists want to escape competition, pretending
that we can keep our high standard of living while walling off our economy. Others say that the government needs to take a larger role in directing the economy, centralizing more power in Washington and increasing taxes.
Source: 2006 State of the Union Address
Jan 31, 2006
George W. Bush:
Cut non-security discretionary spending every year
Every year of my presidency, we’ve reduced the growth of non-security discretionary spending, and last year you passed bills that cut this spending. This year, my budget will cut it again and reduce or eliminate more than 140 programs
that are performing poorly or not fulfilling essential priorities. By passing these reforms, we will save the American taxpayer another $14 billion next year and stay on track to cut the deficit in half by 2009.
Source: 2006 State of the Union Address
Jan 31, 2006
George W. Bush:
Confront the larger challenge of entitlements spending
We must also confront the larger challenge of mandatory spending, or entitlements. This year, the first of about 78 million baby boomers turn 60, including two of my dad’s favorite people, me, and Bill Clinton. This milestone is more than a personal
crisis. It is a national challenge. The retirement of the baby boom generation will put unprecedented strains on the federal government. By 2030, spending for Social Security, Medicare and Medicaid alone will be almost 60% of the entire federal budget.
Source: 2006 State of the Union Address
Jan 31, 2006
George W. Bush:
Spending cuts will reduce deficit to half by 2009
Keeping America competitive requires us to be good stewards of tax dollars. Every year of my presidency, we’ve reduced the growth of non-security discretionary spending. This year my budget will cut it again, and reduce or eliminate more than
140 programs that are performing poorly or not fulfilling essential priorities. By passing these reforms, we will save the American taxpayer another $14 billion next year, and stay on track to cut the deficit in half by 2009.
Source: 2006 State of the Union speech
Jan 31, 2006
Tim Kaine:
In 5 years, Bush took us from surplus to deficit
Tonight we heard the president again call to make his tax policies permanent, despite his administration’s failure to manage our staggering national debt. Over the past five years, we’ve gone from huge surpluses to massive deficits.
Now, no parent makes their child pay the mortgage bill. Why should we allow this administration to pass down the bill for its reckless spending to our children and grandchildren?
There’s a better way. Two years ago in Virginia, Democrats and Republicans worked together to reform our budget. By focusing on results, we were able to keep the budget balanced, preserve our strong credit rating and protect the essential services
that families rely on: education, health care, law enforcement. States all across this country are doing this right now, as the federal government falls further and further into debt.
Source: Democratic Response to 2006 State of the Union address
Jan 31, 2006
Page last updated: Feb 24, 2019