A summary of "accomplishments" of the Bush controlled Congress and The Administration:
As Congress brags about its 2003 accomplishments, many analysts fear its biggest legacy will be a soaring budget deficit that will last as far as the eye can see, ultimately inflicting severe damage on the U.S. economy.
Economists and budget analysts have expressed increasing concern about what they termed a lack of fiscal discipline on the part of Congress and the White House in this year's session.
They said mounting federal debt is a fiscal time bomb that could ultimately result in higher taxes, inflation and a lower standard of living.
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My view is that this is the most fiscally irresponsible Congress we have had in years," said Bob Bixby, executive director of the Concord Coalition, an organization that monitors the federal budget. "But the White House is very much a co-conspirator."
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Wall Street analysts also expressed concern about the fiscal situation.
"There's going to be a collision down the road," said David Wyss, chief economist at Standard & Poor's. Long-term interest rates could be headed up if Congress does not try to rein in spending, and that could harm future investments by businesses and raise mortgage rates, he said.
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Gary Bass, executive director of OMB Watch, a budget watchdog group, said spending is not the main problem. Bush's tax cuts have cut the revenue base too deeply, he said, just as defense and homeland security needs arose. Revenues have dropped to 16.7 percent of the economy, the lowest since 1959, he said.
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