Congratulations to the Bush Administration for the soaring deficit.
The year-to-date deficit, still with August and September to go in the budget year, rose to $323.98 billion, Treasury said in its monthly budget statement. July's deficit, at $54.24 billion, was close to expectations and wider than in July 2002, when it was $29.16 billion.
The 1992 budget year holds the record for the largest annual shortfall, at $290 billion. The 2003 is gap is expected to easily surpass that by coming in above $400 billion.
Meanwhile, in the state where Republicans actually care about the deficit, Arnold announced his plan.
Actually he just struck a pose flanked by his high powered advisors and said nothing much.
He kept everything general but vowed not to raise taxes.
"Additional taxes are the last thing we need to put on the books of the citizens and businesses of California,"
Fine, but how can he possible pay the deficit without taxes? He said programs will be cut but failed to be specific. Although he mentioned education will not be cut.
There is not much more that can be cut without seriously crippling programs like health care in the state.
Calpundit chimes in:
Once you remove education, there's about $50-60 billion left in the budget, and it needs to be cut about $25 billion or so to get into balance. Even the Terminator can't pull that off.
He was fine at first in his prepared remarks, striking a very Bush-like tone: "I will not raise taxes," he said firmly. But later, questioned by reporters, he sounded more like Bush Sr.: "Never say never — but I am in principle against taxing."
The biggest problem with this recall is that Arnold is ahead based on his star power. He can be as vague as he wants on the issues and most voters will simply just cheer him on and then ask for his autograph.