In his new book, The Age of Turbulence, former Federal Reserve Chairman Alan Greenspan offered several sharp critiques of the Bush administration and the Republican party at large for a “lack of fiscal discipline.” “The Republicans in Congress lost their way. They swapped principle for power. They ended up with neither,” he writes.

Vice President Cheney is not happy with Greenspan’s characterization. In the Wall Street Journal yesterday he offered Greenspan a “few gentle reminders,” calling Greenspan’s assessments “off the mark.” Rather, Cheney argues that President Bush — who has shepherded government spending to a “record high” — has a “superb” record of fiscal discipline.

UPDATE: ThinkProgress notes that “Bush’s tax cuts have ‘been the single largest contributor to the reemergence of substantial budget deficits.’ “Between 2001 and 2006, the passage of the Bush tax cuts without the offsetting savings have cost $1.2 trillion in lost revenues, or more than 80 percent of the cumulative deficit during this period.”

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