< HOME  Wednesday, May 10, 2006

Federal Debt Ceiling to Hit $10 TRILLION

You have to wonder why they bother calling it a ceiling.
A $2.7 trillion budget plan pending before the House would raise the federal debt ceiling to nearly $10 trillion, less than two months after Congress last raised the federal government's borrowing limit.

Leaders also hope to pass a package of tax-cut extensions that would cost the Treasury $70 billion over the next five years. They would then turn Thursday to a $513 billion defense policy bill that would block President Bush's request to raise health-care fees and co-payments for service members and their families.

Not only does he want cut taxes for the rich, he wants service members and their families to pay more for their healthcare! Unbelievable.

In recent days, Congress has received some good news on the budget front. A surge of tax revenues this spring, sparked by economic growth, prompted the Congressional Budget Office last Thursday to revise its 2006 deficit forecast from around $370 billion to as low as $300 billion.

So, essentially they want to take the $70 billion in surplus taxes and hand it right back to them. Ingenuous.

But, that's not all . . .

[T]he federal debt keeps climbing because of continued deficit spending and the government's insatiable borrowing from the Social Security trust fund.

With passage of the budget, the House will have raised the federal borrowing limit by an additional $653 billion, to $9.62 trillion. It would be the fifth debt-ceiling increase in recent years, after boosts of $450 billion in 2002, a record $984 billion in 2003, $800 billion in 2004 and $653 billion in March. When Bush took office, the statutory borrowing limit stood at $5.95 trillion.

That means that in the two terms of his presidency (and it's not over yet) Bush has managed to almost DOUBLE the national debt! FOUR TRILLION DOLLARS!!!

He's not only the WORST president in history, he's also the most COSTLY - in every conceivable respect. America, it's time to cut our losses.

Thanks, borkafatty.


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