Mistakes and ideological fervour can cause to huge and unintended deficits. When the junior George Bush took over as President from Bill Clinton, he inherited a surplus budget and a healthy fiscal scenario. By the time he was reelected for the second term, his tax cutting policies and profligate spending had transformed that into a record annual fiscal deficit of more than $500 billion. Even during his second term, Bush is determined to cut some more taxes. Where that will lead the American fiscal deficit is something even a school child can predict without batting an eyelid.
