After presiding over one of the largest spending sprees in American history-- including the creation of a multi-trillion dollar new unfunded Medicare prescription drug entitlement-- the Bush Administration is now proposing a balanced budget by 2012. I'm checking my calendar here-- yes, that's 2012, the last year of the next President's first term. It's like a bad headline straight from TheOnion.com.
First, a lesson in economics. Unless you are a liberal looking for an excuse to raise taxes, the current budget deficit doesn't really matter.