Deficit and the Presidential Race Story aired: Thursday, September 16, 2004
The cost of the war in Iraq is estimated at $4 billion a month, money that's not even included in President Bush's annual budget at a time when the federal government is massively in the red.
According to the nonpartisan Congressional Budget Office, the federal deficit will reach a record $422 billion dollars this year. Both the president and his challenger say they'll cut the deficit in half in the next few years.
But President Bush says candidate Kerry's plan would cost the country more than $2 trillion in the next decade. Some analysts say Bush's plan would cost $3 trillion.
The candidates are talking tax cuts and spending increases to attract votes, but what's an average citizen to think?
Guests:
Douglas Holtz-Eakin, director of the non-partisan research agency The Congressional Budget Office.
Bob Bixby, executive director of the non-partisan budget watchdog group The Concord Coalition.
