The good news:
Bush has proudly projected that the deficit will be cut in half by 2009.
He projects the deficit will be (-$237,076,000,000) in 2009 compared to the estimated (-$520,741,000,000) deficit his proposed budget provides this year.
The bad news:
In 2000 when Bush was elected, the US had a $236,445,000,000 annual surplus.
Apparently, Bush's definition of fiscal responsibility and success includes leaving office with an annual deficit that equals the annual surplus he inherited.
Source: White House Office of Management and Budget