Bush Sets New Record!

No, not during the election, silly. With his budget-busting ways.

"After four years of rapidly rising budget deficits, the Treasury announced on Wednesday morning that the government will borrow $147 billion in the first three months of 2005 - a new quarterly record, but one that is likely to be eclipsed before that year is out," says the New York Times.

And you thought your credit card bills were high. The article is filled with gloomy news about the economy and our long-term fiscal health.

"More ominiously, said Mr. Holtz-Eakin, who worked in the Bush White House before becoming head of the Congressional Budget Office, there is little room for error. Almost any unexpected shock - a new recession, or a new military crisis - could push budget shortages higher than the gloomiest forecasters are predicting now.

"And even if Washington gets through the current uncertainties, only four years remain until the oldest baby boomers start to retire and the costs of Social Security and Medicare benefits gradually eclipse those of every other part of the federal government."