bush's version of financial "conservatism"!

From yahoonews:

W.House: Borrowing to Help Fund Social Security Plan

WASHINGTON (Reuters) - The White House said on Monday for the first time that President Bush's plan to add personal retirement accounts to Social Security would be financed in part by new government borrowing that could top $1 trillion.

Bush has made reform of the U.S. retirement program a top priority in his second term and will push for creating private accounts in a meeting later in the day with top congressional leaders.
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Asked if transition costs, estimated at between $1 trillion to $2 trillion, would be financed by government borrowing, he added: "That's what you're looking at doing as part of the transition to a better Social Security system."
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The White House had once hoped that budget surpluses, projected in 2000 at $5.6 trillion over 10 years, would fund the transition period. But those surpluses have vanished.

The federal budget deficit hit a record of $412 billion in the 2004 fiscal year that ended Sept. 30, and the Congressional Budget Office has projected $2.3 trillion in accumulated deficits over the next decade.