THE PRESIDENT: The budget I've sent to Congress fully funds America's priorities. It increases discretionary spending by 6.9 percent. My Cabinet Secretaries assure me that this is adequate to meet the needs of our nation.

Unfortunately, Democratic leaders in Congress want to spend far more. Their budget calls for nearly $22 billion more in discretionary spending next year alone. These leaders have tried to downplay that figure. Yesterday one called this increase -- and I quote -- "a very small difference" from what I proposed. Only in Washington can $22 billion be called a very small difference. And that difference will keep getting bigger. Over the next five years it will total nearly $205 billion in additional discretionary spending. That $205 billion averages out to about $112 million per day, $4.7 million per hour, $78,000 per minute.

Put another way, that's about $1,300 in higher spending every second of every minute of every hour of every day of every year for the next five years. That's a lot of money -- even for career politicians in Washington. In fact, at that pace, Democrats in Congress would have spent an extra $300,000 since I began these remarks.

Iraq war priced at $4,700 a second

The war in Iraq is costing British and American taxpayers more than $US4000 ($4700) a second.

Washington's Congressional Budget Office estimated that as of June, up to $US500 billion ($580 billion) had been spent on combat operations in Iraq.

The tally is snowballing at the rate of $US10 billion a month, which translates to around $US4000 every second.

Analysis says war could cost $1 trillion

The war in Iraq could ultimately cost well over a trillion dollars -- at least double what has already been spent -- including the long-term costs of replacing damaged equipment, caring for wounded troops, and aiding the Iraqi government, according to a new government analysis.