For President Bush, the budget sent to Congress last week outlines a painful path to meeting his promise to bring down the federal budget deficit by the time he leaves office in 2009. But for the senators and governors already jockeying to succeed him, the numbers released in recent days add up to a budgetary landmine that could blow up just as the next president moves into the Oval Office.

But, in one of the greatest ironies of the U.S. intervention, Iraqis instead went to the polls and elected a government with a strong religious base -- and very close ties to the Islamic republic next door. It is the last thing the administration expected from its costly Iraq policy -- $300 billion and counting, U.S. and regional analysts say.

If you told me one year ago that I'd be standing here today, as your choice for Chairman of the Democratic National Committee, I wouldn't have believed you. And neither would have a lot of other people.

But let me say that standing here with the opportunity to lead this party, is a great honor.

I am thankful.

I am humbled.

And I'm ready to get to work.