When President George W. Bush announced his $2.23 trillion budget for fiscal year 2004, Budget Director Mitchell E. Daniels Jr. remarked that "this is a president of big projects and big ideas." True enough: the Bush budget runs the largest single-year deficit ever recorded, in excess of $300 billion. That is one reason the president told the nation’s governors in late February, many of whom are swimming in a sea of red, that he could...
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