The Bush administration again blasted the GSEs in a fiscal year 2007 federal budget proposal that warns of systemic risk and calls for portfolio caps and a stronger regulator. Interestingly, the administration doesn’t propose any significant increase in the regulatory budget for more improved oversight. The Bush administration continues to fret over the sheer size of the GSEs, worrying anew that “even a single failure of a large private institution or a GSE, such as…