Paul O'Neill (Secretary of The Treasury) - Bush Administration

Bush Administration

O'Neill was appointed Secretary of the Treasury by George W. Bush. O'Neill was an outspoken member of the administration, often saying things to the press that went against the administration's party line, and doing unusual things like taking a tour of Africa with singer Bono.

A report commissioned in 2002 by O'Neill, while he was Treasury Secretary, suggested the United States faced future federal budget deficits of more than US$ 500 billion. The report also suggested that sharp tax increases, massive spending cuts, or both would be unavoidable if the United States were to meet benefit promises to its future generations. The study estimated that closing the budget gap would require the equivalent of an immediate and permanent 66 percent across-the-board income tax increase. The Bush administration left the findings out of the 2004 annual budget report published in February 2003.

O'Neill's private feuds with Bush's tax cut policies and his push to further investigate alleged al-Qaeda funding from some American-allied countries, as well as his objection to the invasion of Iraq in the name of the war on terror — that he considered as nothing but a simple excuse for a war decided long before by neoconservative elements of the first Bush Administration — led to him being fired in 2002 and replaced with John W. Snow.

Ron Suskind interviewed O'Neill extensively about his tenure in the Bush Administration. He was also given access to a large amount of documentation. In 2004 he produced the book The Price of Loyalty, detailing O'Neill's tenure in the Bush Administration. The book describes many of the conflicts that O'Neill had with the Bush administration. For example, O'Neill was a great arguer and discusser of ideas; however when he approached Mr Cheney and attempted to engage in dialog, the Vice President would simply nod his head, and thank him for his ideas. The book also details O'Neills criticisms of some of Bush's economic policies. Bush appears somewhat unquestioning and uncurious, and the war in Iraq was planned from the first National Security Council meeting, soon after the administration took office, even though Bush had promised not to engage in nation building during his campaign.