Bush Administration Borrow Billions

We all know it's better to pay things off up front rather than borrow and pay back with interest. It costs more. It's also the right thing to do. By not raising the appropriate tax receipts now, by cutting taxes for the top 1%, you're just delaying the responsibility of running the government and asking to pay more down the road. You're letting the top 1% keep more of their money and passing on the negative consequences of these reckless tax cuts to the other 99%. When the Bush Administration has to borrow money to pay for its current budget, it's like writing a massive I.O.U. to the country.

"The Bush administration gave details Wednesday on how it plans to borrow the billions of dollars it will need to finance soaring budget deficits. Those plans include raising $27 billion by selling a new 10-year note and a new 30-year bond at the regularly scheduled quarterly auctions to be held next week. The government needs to borrow $171 billion during the July-September quarter, second-highest quarterly borrowing on record. ... Democratic critics say the soaring deficits show the total failure of the Bush administration to put the government's fiscal house in order,. They contended that whoever wins the presidency in November will inherit a huge financial mess that will severely restrain the next president's ability to fulfill his own campaign promises. The administration projects that the deficit this budget year, which ends Sept. 30, will total $389 billion, more than double the $161.5 billion deficit for 2007."

I love this part, too. How can they not include these numbers to show how screwed thing are?

"That deficit estimate could go even higher. It does not include the expected full cost of funding the wars in Iraq and Afghanistan or costs associated with the housing rescue measure Congress passed last week and President Bush signed into law Wednesday."

It's just asking the next generation to assume all this debt. So not only is he ruining the economy now, he also leaves a legacy of debt for the next guy. Look how Clinton left things, there was a surplus. Bush took us from a surplus into a massive deficit. The MBA President from Harvard? What a joke.

Read on at USA Today