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Democrats have blamed Mr. Bush's $1.35 trillion tax cut for the return of deficits.
"A recession and a war we did not choose have led to a return of deficits," he declared.
Moreover, Mr. Gore's initiatives are of a kind that could all too easily lead to a return of deficits if the budget surpluses don't materialize as planned.
Nearly a year after traveling to Capitol Hill with a plan to carve up a huge budget surplus, President Bush made clear to Congress and the nation tonight that the abrupt return of deficits would not constrain his efforts to revive the economy through tax cuts while also bolstering national security.
With the economy slowing and the government spending more in the war on terrorism, they had anticipated the return of deficits and generally concluded that the 30-year bond would survive a while longer even though it had been slated for extinction when budget surpluses were growing.
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But now, with Washington facing a budget crunch that could mean the abrupt return of deficit spending, Mr. Byrd said he almost wished he had not taken the job again.
Meanwhile, the return of budget deficits has real, nasty consequences.
Indeed, before too long, he could again be raising the specter of the return of budget deficits.
With the return of budget deficits, the Treasury said yesterday that it would conduct three bond buybacks in April.
The threatened return of budget deficits as the Bush administration and Congress prepare $100 billion in stimulus packages lifted longer-term yields.
In addition, some investors are worried that the return of budget deficits as the government cuts taxes and increases spending to stimulate the economy and fight the war will push interest rates higher.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com