[The federal deficit is the difference between what the government spends and what it takes in from taxes and other revenue sources. The government must borrow money to make up the difference.]
President Bush inherited a budget surplus of $128 billion when he took office in 2001 but has since posted a budget deficit every year.
A Democratic point man on the budget, Sen. Kent Conrad of
"If they gave out Olympic medals for fiscal irresponsibility, President Bush would take the gold, silver and bronze," Conrad said. "With his eight years in office, he will have had the five highest deficits ever recorded. And the highest of those deficits is now projected to come in 2009, as he leaves office."