According to the president's State of the Union address, the administration claims it will "cut the deficit in half over the next five years."

While very recent economic news shows some long-overdue strength – gross domestic product grew at an 8.2% annual rate in the third quarter – mounting levels of both public and private debt remain a concern, both for the near future as well for the long-run health of the economy.

OMB Watch’s John Irons is on the road to promote a new study that details state-by-state analysis of charitable losses from the estate tax repeal.

Like the Reagan administration, the Bush administration continues to describe the budget deficit as a manageable problem and presents a rosy picture in which deficits will soon diminish. But like the Reagan administration these comments are far from reality.