Deflation 2004 AD Bush administration admits to record deficits

Jeez, it looks as though the GOP is losing the press. Their spin on the upcoming budget deficits isn't getting much respect.
Republicans say the more important measure of red ink is how it compares to the size of the U.S. economy, because that illustrates the government's ability to afford carrying the debt.
And the AP reporter's response?
Even gauged that way, a shortfall 4 percent as big as the economy — as this year's and next's will probably be — begins to approach the dimension of the deficits of the 1980s and early 1990s that both parties agreed were untenable.
· True, true. And yeah, I'm as shocked [viaTaxingThoughts ]