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Economy was roaring and we went all the way to surplus which was a remarkable thing and the economy, eventually tipped into recession and the deficit began to grow again and the middle years of the bush presidency, the economy boomed and the deficit, despite the war spending which was extraordinary, the deficit came down i think for three consecutive years and didn't get to surplus but came down remarkably during those three years and that was, we now know, the housing bubble. bubbles -- for all their other problems, bubbles are wonderful for dealing with the deficit, because they produce a gu...

But the economy was roaring and we went to surplus which is a remarkable thing and the economy tip inside recession and the deficit began to grow again. in the middle years of the bush presidency the economy boomed and the deficit despite the war spending which was extraordinary, the deficit came down i think for three consecutive years. we didn't get to surplus but it came down remarkably during those three years. that was we now know the housing bubble. and bubbles which the way, for all their other problems are wonderful for dealing with the deficit because they produce a gusher of tax rece...

By part stan bates sis by a democratic basis who moved not to the center but to the right on welfare reform, on the budget act by putting spending restraints in place that were serious. jon: jerry, i can tell you both have more to say, we are going to have to leave it there, we'll get you guys back on another time to argue about this some more. thank you both. jenna: a mile beneath the surface of the gulf of mexico bp testing a newer and tighter cap on the gushing well. we could know if it's working. reaction from a congressman whose district is seeing the worst of this spill. eggland's best e...

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