As the right gets all lathered about deficits, which they ignored when one of their own was living at 1600 Pennsylvania, Econobrowser notes which actions contributed most to the deficit – Where\'d that deficit come from?
And let us never, ever forget:
Former Treasury Secretary Paul O’Neill was told “deficits don’t matter” when he warned of a looming fiscal crisis.
O’Neill, fired in a shakeup of Bush’s economic team in December 2002, raised objections to a new round of tax cuts and said the president balked at his more aggressive plan to combat corporate crime after a string of accounting scandals because of opposition from “the corporate crowd,” a key constituency.
O’Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. Cheney cut him off. “You know, Paul, Reagan proved deficits don’t matter,” he said, according to excerpts. Cheney continued: “We won the midterms. This is our due.” A month later, Cheney told the Treasury secretary he was fired.