It would seem that the ol' Maverick Buchanan has forgotten what the simple economics of trade are.  Certainly a long standing trade deficit is not desireable, but to say that it is ruining the economy NOW is simply untrue.  Outsourcing jobs that it is cheaper to outsource (since many jobs simply are not cheaper to outsource) frees up money in the economy because we are spending less on the job allowing more efficiency in the current economy.  
    Also, it would be helfpul if Buchanan explained honestly what would happen if we decided to force the trade deficit to drop.  We would have to make the dollar weaker against other currencies to accomplish this, allowing people to buy American goods at prices that make it efficient for them to import the goods and services from our country to theirs.  What this would do that would anger many American consumers is make imported goods far more expensive.  We have a large appetite for imported goods, and to decide to cut this off quickly would not be healthy for us.
     It is not likely that our trade deficit with China will dissapear anytime soon either.  China has for a long time not run it's economy at full employment (the product of a socialist economy in a country full of a billion people).    As such it is in their interests to continually expand their economy, the simplest way being to keep currency weak which keeps exports high.  They are still nowhere near a full employment economy and likely will not be for some time.  They will continue to keep their currency at an undervalued position for the near future.  Currently the trouble is the Chinese stock market may be in trouble.  Trying to make them revalue their currency is silly and simply will not happen in our current relationship with them.  The last thing the Chinese will do is revalue because it would destroy their economy in all likelihood.  There is incentive for us to avoid this for the time being because there is nothing worse for the economies of the world than instability in a country as large as China. 
     It is unreasonable to expect Bush to do anything about trade deficits with China simply because it is up to the Chinese to cooperate as well. Deciding to crush the outsourced and globalized jobs and industries would be more destabilizing than any amount of trade deficit and debt at this course in time.  However, Bush certainly cannot say that because Politicians always have answers right?