Leaving a mess

Friday, Sept. 12, 2008 | 2:08 a.m.

President Bush will be leaving this country with one fine mess when his second and final term of office ends in January. Pity the soul who takes his place in the White House.

The Congressional Budget Office announced Tuesday that the federal budget deficit would reach a projected $438 billion next year, which would surpass the record $413 billion deficit set in 2004. With the bailout of mortgage lending giants Fannie Mae and Freddie Mac and with overall economic conditions souring, the deficit could go even higher.

“Over the long term, the budget remains on an unsustainable path,” the budget office concluded. “Unless changes are made to current policies, growing demand for resources caused by rising health care costs and the nation’s expanding elderly population will put increasing pressure on the budget.”

Democratic presidential candidate Barack Obama and Republican opponent John McCain may have high hopes for the next four years, but a deficit of that size is certain to put a serious crimp in their plans. Funding new programs or approving significant tax cuts will be difficult for the next president to justify.

Bush dug a financial hole for us and we have little to show for it. The war in Iraq has been badly mishandled, a costly miscue that has yet to pay dividends. He hasn’t developed any brilliant domestic programs in his nearly eight years at the helm. No Child Left Behind has not improved education.

Our highways are aging rapidly. The housing market is in the tank. Banks are failing. Automakers in Detroit are asking for government loans.

Bush cheered our athletes in Beijing this summer. But he won’t be earning any gold medals for his mishandling of the federal budget.