President Bush sharply criticized the Democratic-led Congress for its funding priorities in a speech Tuesday.
The president said Congress is like "a teenager with a new credit card" for wanting to spend $22 billion more than the White House would allow on nonwar-related funding bills.
Earlier in the day, Bush vetoed a spending bill for health and education measures prized by congressional Democrats, who fell just three votes short of winning a veto-proof majority for the $606 billion measure.
Meanwhile, Democrats said the president is ruining the economy by not agreeing to withdraw troops from Iraq.
The president said Democrats are "tax and spend" and want to spend $1,300 more than he does for every second of the next year and accused Democrats of trying to raise taxes in several other spending bills they are preparing to send him, which he said would hurt taxpayers and the economy.
"The price of these tax increases would not be paid in the halls of Congress," Bush argued, predicting such increases might lead to a "a greater likelihood of a slowdown across our economy."
Both the White House and the Democratic-led Congress do agree on spending money for defense.
In addition to the veto this morning, President Bush signed the annual spending bill for non-Iraq and Afghanistan defense funding.
At just shy of half a trillion dollars, defense funding accounts for roughly half the nearly trillion dollars the federal government will spend in 2008.
President Bush has also asked Congress for more than $190 billion extra to fund operations in Iraq and Afghanistan this year and asked for that money before Christmas.
Senate Majority Leader Harry Reid, D-Nev., said Tuesday that the Pentagon can take some of the half trillion in nonwar funding to cover any shortfalls while the Congress can hash things out with the White House.
It could be a while.
Democrats, led by House Speaker Nancy Pelosi, D-Calif., only want to give him $50 billion of that -- they're calling it a "bridge fund."
The war funding bill would also mandate that the money be used to redeploy combat troops almost immediately, with a goal of having only a token American force in Iraq by the end of 2008.
If that plan sounds similar, it should.
Democrats sent a similar withdrawal or "phased redeployment" plan to the president's desk with the war funding bill for 2007.
Republicans in the Senate blocked votes for withdrawal that Democrats later tried to attach to nonspending measures. In all, there have been between 40 and 59 votes (depending on whom you are talking to and what you consider to be Iraq-related) on Iraq-related measures in the two houses in less than a year.
Pelosi dismissed allegations that another vote on withdrawal without a clear, filibuster-proof majority in the Senate is anything more than political posturing.
"For many of us here, the war issue is the premier issue," she said last Thursday. "We talk about ethics. This war is the biggest ethical challenge facing our nation, the manner in which we went in without a plan for our troops, without a -- well, on a false premise -- without a plan for our troops on how to succeed, without a strategy for success, without a reason to stay."
But the war is not, for Democrats, just an ethical issue. It is also, they hope, a financial one for voters.