Wednesday, March 15, 2006

$8 Trillion and Counting ....

The deficit created by this administration is unimaginably reckless and--no surprise--it's going to get a whole lot worse.

Treasury Secretary John Snow told Congress he wants to raise the debt ceiling from $8.184 trillion by an additional $781 billion. How's that for chump change?

To put things in a more appalling perspective, Bushie has "managed to rack up more new debt during his five years in office than the entire debt amassed by the United States through 1988."

There's more. Bushie's budget will raise the debt to $11.5 trillion by 2011-- just 5 short years away.

Flash back: This president ran on a second term election promise to pay off $2 Trillion in debt over the next 10 years.

Flash forward: The debt has grow from $3.3 trillion in 2001 to $5 tillion this year.

And remember, this was the president who said, in March, 2001, "Future generations shouldn't be forced to pay back money that we have borrowed." So much for future generations.

Read more.

Photo credit: Treasury Secretary John Snow, pictured in February 2006, urged Congress to set aside partisan bickering and raise the US national debt ceiling this week, or face a disastrous cash crunch for the federal government (AFP/File/Denis Sinyakov)

No comments: