From Mike Allen and Jonathan Weisman, in The Washington Post:
"Now, after three successive tax cuts, and after a record budget surplus has turned to a record deficit, the president faces an unenviable choice. He can either concede that his $1.7 trillion tonic has not worked as advertised, or he can insist that the economy is strong despite the slowdown in growth and job creation."
As his supporters point out, after having invested so much political capital in the tax cuts, President Bush must defend them. One argument he'll make is that things would have been much worse without them, citing the tech implosion, the terror attacks, the run of corporate malfeasance and the uncertainty caused by the war in Iraq and rising oil prices.
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