Spratt Criticizes Bush Administration in Wake of CBO Deficit Estimates

"CBO has confirmed what OMB projected two weeks ago: a deficit close to $400 billion for fiscal 2008. This gives the Bush Administration the dubious distinction of having run up the largest deficits in our nation's history.

"The Bush Administration can try to blame these results on factors beyond its control, but it cannot escape comparison with its predecessor. The Clinton Administration improved the budget's bottom line every year, and left President Bush a legacy few presidents have enjoyed: a budget with a surplus of $236 billion. Over the next eight years, the Bush Administration converted record surpluses into record deficits, and left the outlook for next year even worse. The Bush legacy is a burden that our children and grandchildren will bear for years to come."