WASHINGTON (CNN) - Mitch Daniels, the director of the White House Office of Management and Budget, told the Bush administration Tuesday he will resign, marking the latest exit by one of President Bush’s economic advisers…
…No reason for the departure was given, but administration officials have said Daniels was considering running for governor in Indiana.

“As those of you who follow these matters know that we have moved from a strong surplus position in fiscal 2001 — about $124 billion in the black — to a deficit position that six weeks ago we estimated at $165 billion in the red… The real question facing us now is whether we can arrest our slide into the red… We don’t know the answer. Our forecast six weeks ago does suggest that with the recovery and provided we have some spending control, we would begin to move back toward balance.”
- Mitch Daniels, August 13th, 2002

“Not including war costs, Daniels recently projected deficits of $304 billion and $307 billion in 2003 and 2004, respectively — the highest deficits, in terms of dollar amount, in U.S. history.”
- from CNN

Text of Mitch Daniels’ Campaign Announcement

My fellow Hoosiers -

Today, our great state of Indiana is at a crossroads. Do we take the path towards security, prosperity, and happiness, or do we take some other path?

I don’t know. I honestly don’t. But I can tell you this: Ever since Indiana became the 36th State back in 1801, we’ve shown a can-do spirit that’s gotten us through the hard times. From the halls of our capital in Gary, to the high Rocky Mountains in the west, we’re a proud, industrious people who know how to win through the tough times.

Some say that with the current budget crisis and cuts in federal programs, Indiana can’t afford to cut taxes any more. Well, if I’m elected governor I’ll prove those naysayers wrong. A mere 2% increase in our GDP will produce $531 million in revenue, which should easily make up for our $6.3 billion budget shortfall. Easily. In addition to that, the $4 billion stimulus package I intend to pass will produce a revenue increase between 1 and 78 percent over last year over the next 12 to 360 months. Of this you can be relatively sure.

Our educational system needs work, it’s true. Indiana currently ranks 62nd among US states, or thereabouts. So today I’m proposing that we draw another $34 million from the 5 million dollar State Emergency Fund in order to secure the future of our children. We can replace the Emergency Fund with revenue from my Bake Sale Initiative, which will raise over $30,000 for Indiana over the next century alone.

I don’t pretend to have all the answers, but I know I’m the man to ask some of the questions that have been ignored for too long. Like, for instance, how do we remain an open, welcoming state while still regulating and patrolling our border with Mexico? I won’t avoid questions like that.

My fellow Hoosiers, this is a vital time in Indiana’s history. As the 22nd century approaches, a mere two decades away, we need the kind of leadership that will pave the way to a prosperous and secure future. I may not be the right man, but then again, I might be. I hope you’ll give me the 17% of the vote that I’ll need to be your next Governor. God bless Indiana, and God bless America. Thank you.