Fiscal frustrations

摘要

Four hefty volumes filled with charts and statistics may not sound much like a novel. But judging by Washington's reaction, Mr Bush's 2008 budget, which was presented to Congress on February 5th, is more a work of fiction than fiscal policy. The White House laid out $2.9 trillion of spending for the fiscal year that begins on October 1st. It promised to eliminate America's budget deficit by 2012 while making Mr Bush's tax cuts permanent and boosting cash for defence and homeland security. Other domestic spending would be squeezed. Mr Bush even proposed some cuts in Medicare, America's huge government health scheme for old people.