national deficit :: essays research papers

As one of the top ten concerns in this years presidential election, the field of study famine has been given some attention by twain presidential candidates. But the candidates can only make promises to the public on this issue, stating that they will cut the national deficit in half , by 2009. Since both George W. Bush and John Kerry have the same goal, the examination begins on how each of them plan to achieve it. When president Clinton took office, he reduced the national debt by 10% in his last five years. But as Bush took the presidential seat in 2001, he reversed this progress and is now predicting that he will achieve the highest ratio of Gross National Debt to the Penny (GDP) in 50 years, if we re-elect him.(http//zfacts.com/p/318.html)When Bush took office, thither was a surplus of $236 billion, according to the Office of Management and Budget. By the end of 2004, a record $413-billion deficit is expected beca social function of tax cuts, spend on national security, I raq and Afghanistan and interest on the debt. (http//www.freep.com/news/politics/taxgrid23e_20041023.htm)President Bush blames the deficit on the recession, the rise in military and homeland security spending, and tax cuts, which he believes were needed to encourage the economy. He has said holding off on non-homeland security and non-defense spending combined with economic growth will make it practicable to cut the deficit in half over the next five years. He still plans to try and make his tax cuts permanent, which have affected both businesses and individuals. In respect to the budget enforcement rules affective in the 1990s, Bush is requiring annual limits on optional spending programs, and a pay-as-you-go requirement to force necessary spending programs to make budget cuts to make up for the increases payments. (http//www.post-gazette.com/pg/04284/392809.stm) Sen. John Kerry blames the deficit on tax cuts and entitlement spending not paid for with savings elsewhere. He has sai d that retention the optional domestic spending on the same line as inflation, and paying for new proposals which will balance out savings, will make it affirmable to cut the deficit in half in his first term. Kerry also says he would bring back the traditional pay-as-you-go rules, but keep the right to abstract taxes so as to offset spending increases if necessary, though Kerry has vowed to put off spending increases or find offsetting cuts first. Kerry plans to try and decrease tax cuts for households earning more than $200,000, and use other tactics that he estimates will raise nearly $900 billion, much of which will go toward funding health care and other initiatives.