Bush's credibility on spending is zilch. Until he actually starts vetoing some bills, this is all just posturing. I fully expect him to "compromise" on a number that is still an enormous increase over previous years.
The Republicans in Congress are just as bad. This bill is larded with lard, in quantities that should gag any honest conservative. Unfortunately, now that Republicans control both houses of Congress and the White House, they've shown themselves to be at least as irresponsible as Democrats when it comes to escalating the federal budget and deficit.