I think during economic hardtimes it's the norm to run a deficit. (This reccesion started long ago in September of 2000 for those of us in the manufacturing sector, that was prior to GW, so I don't view this recession as being his exclusively) It's not something you want to do, but it's certainly an acceptable  economic policy, this has been true in  every reccession throughout our history and was certainly the case during the depression. Republicans and Democrats agree on this. If, for example we were to balance the budget now do you think the entire congress would stop this war and bring everybody back to stop the spending? Keep in mind this was an action that was supported by the public and had the backing of both political parties. do you also believe that this action alone would balance the budget? not likely, and even if that were the case balancing the budget at this point would require canceling many social programs which would be devastating to untold millions of poor Americans.  My point here is to point out that the "house of cards" needs the perspective that history can bring. Any way, that's my opinion on the economy at least. I'm just trying to display an opposing view.

Below is a portion of an article from todays washington post, I've included the link below.

 "it is a textbook principle of prudent fiscal policy that budget deficits are appropriate in times of war and recession. Without doubt, the war on terrorism and the lingering effects of the recession continue to exert a large influence on the federal budget. To insist on budget balance in difficult times would mistakenly sacrifice the greater goals of economic growth and full employment.

Second, the deficit must be evaluated relative to the size of the economy. The federal budget deficit represents 4.2 percent of the nation's $11 trillion economy. Such a deficit is very manageable. The economy handled larger deficits in six of the past 20 years -- all in the aftermath of recessions.

Third, under the president's proposals, the deficit will shrink from 4.2 percent of gross domestic product in 2004 to 1.7 percent in 2008. The key to achieving this is more-rapid economic growth, which will bring in more tax revenue, together with restraint in the growth of government spending. Because the deficit is shrinking, the accumulated level of national debt is not expected to become problematic: In 2008 it will represent 40 percent of annual GDP, which is almost exactly the average since 1950."

By N. Gregory Mankiw
Wednesday, July 16, 2003; Page A23

http://www.washingtonpost.com/wp-dyn/articles/A62123-2003Jul15.html

Respectfully,

 John